Studies of the real estate market in the countries of the Emirates and the Middle East have proven that half of the tenants in the Middle East abandon their homes according to the order of their priorities. They say that owning a house now is not a necessary thing in the circumstances of the Coronavirus and that there are more important priorities.
People are divided into two parties, the first party gives up their house to reduce expenses and searches for cheaper homes, and the other party leaves their homes to improve living in a better place. This change led to a decrease in real estate prices in Dubai and the Middle East due to the lack of demand for them. On the other hand, sales operations increased in recent months, especially after life returned to normal and stores, companies and factories were opened.
Richard Paul, head of professional service and consultancy at Savills Middle East.
said “After a prolonged period of confinement, people gradually emerged into a new norm of life, work and play as lockdowns eased across the region. Even though activity levels have bounced back, albeit still lower than pre-COVID levels, a general inhibition towards spending a lot of time away from the home has, in turn, led people to relook at their current residential space”.
An opinion poll was conducted, and 47% which is half of the tenants in the Middle East confirmed that they are considering changing their homes to fit their new lifestyle, especially after the Corona epidemic.