UAE real estate sector braced for tough recovery in wake of Covid-19 - Arabianbusiness:
The UAE’s real estate sector faces unprecedented uncertainty amid the continued fallout from the Covid-19 pandemic, according to industry experts.
Statistics from real estate consultancy JLL reveal more than 12,000 units were delivered in Q1, far below the previously expected 83,000 units.
“In the UAE, particularly in Dubai, the market was already in the late downturn stage of the cycle for all asset classes,” said Dana Salbak, head of MENA research at JLL. “Even before Covid-19, rents were bottoming out for residential, office, retail, and hospitality segments. Particularly, for the residential sector we assumed that we are close to the bottom.”
“Our assumptions were that the market was expected to stabilise in the first half of 2020, ahead of Expo 2020 Dubai, purely on the sentiments, traction, and the movement whether commercially or from a retail and hospitality perspective,” she added.
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