The UAE real estate market began by reducing rental prices, waiving some of the fees, annual increases and other fees, and providing facilities to attract new tenants, and banks decided to provide facilities to attract new investors.
Studies have proven that the residential market in Dubai will remain in a state of shrinking for a period due to the Coronavirus, which led to an increase in the unemployment rate and that the closure of some companies, so many concessions were made by investors and the rents were reduced, so it is now expected that you will move to housing in a better place with the same The rental price you pay.
In the first quarter of 2020, many companies were closed, and this made tenants of real estate in the UAE give up their property to search for less expensive property, less conditions and an increase in facilities, which led to a reconsideration of the reduction of the prices in the UAE real estate.
Dubai’s office market saw its first new stock additions of the year, with a total of 190,000 sq m of office GLA (gross leasable area) delivered in the DIFC, Downtown Dubai and MBR City, bringing the total stock to 8.9 million sq m of GLA. The most notable of these completions is the ICD Brookfield Place in the DIFC.
In Abu Dhabi, no additional stock was delivered, bringing the total supply at 3.8 million sq.m. to GLA. An additional 36,000 square meters and 47,000 square meters of GLA are slated for delivery during the fourth quarter in Dubai and Abu Dhabi respectively, including office buildings in Dubai Production City and a first-class building in Abu Dhabi.