Forgetting the pandemic is what's desired; remembering the lessons is what's needed. Lifting or easing covid restrictions will benefit individuals and businesses alike. In a scenario where the real estate industry has already shown promising growth in the first three quarters of 2022, relieving all of a few obligations would trigger progress in other sectors too – an economic ripple effect. The ultimate benefit though, would be seen in real estate industry.
Real estate industry is the one that showed a steady advancement all through the covid-19 years. It's resilient and it sustained. Now, with restrictions lifted or eased, it is catching even greater momentum. Data show that the numbers have gone up. There were more real estate transactions even during the third quarter of the year with improved levels of market transactions. The number of transactions remined second highest to date (more than 67,000) from January to September, 2022 – and the amount transacted was more than 180 billion dirhams. This is just the amount for nine months and just one sector. Moving gradually to pre-pandemic state would boost healthy trends even further and all direct and indirect sectors will benefit too.
There is a strong correlation between travel and tourism and the country's GDP. They impact the economy and business development. A significant percentage of jobs is associated with these industries. So, it is unreasonable to think that increasing flux of tourists and travelers wouldn’t impact the steady growth of economy especially the real estate sector. More individuals, more housing facilities.
Experts are predicting that with the ease in covid restrictions, more and more High Net Worth Individuals (HNWIs) are expected to travel to UAE, causing ever stronger demand for villas, penthouses and townhouses and there will be a boost in investment for large homes, located in high end communities. Flocks of millionaires and billionaires planning to move to Dubai are making inquiries for upcoming projects already. These inquiries are not restricted to only large villas or townhouses, but luxury apartments and other properties as well. HNWIs have reposed their confidence in UAE real estate sector after having witnessed challenging and ever-changing environment all over the world.
Masks are not mandatory except if one is entering a hospital, any public transport facility or mosques. This is a huge indictor that life is going back to normal and it will further effect on social and economic indicators. As travelling increases, there will be more mobility, more buying and more investments. Even during pandemic years, UAE has shown its commitment to safety and health of people by successfully organizing the Expo, where all sectors worked together to gain the world's trust as one of the safest areas.
The world, no doubt, wants to forget the painful years of Covid. The world wants to move on. No or less restrictions will sure encourage people to travel more to UAE to live, study and invest, their ultimate choice.
Post Covid life, a new fresh era is advancing towards the normalization of life, business and progress.