The coronavirus pandemic has had a devastating effect on livelihoods and industries across the globe. For the real estate market in Dubai, Range CEO and founder, Mr Nitin, believes that innovation and a fast response will be vital in surviving the coming months, citing now is the time for businesses to work together to create a stronger front.
The world is undergoing an unprecedented crisis at the moment, with the coronavirus pandemic looking set to create a global economic disaster. Many companies are facing financial problems following the implementation of social distancing measures, which means it is vital that they act fast in order to survive whatever the next few months have in store.
These changes are seeing many individuals face salary cuts coupled with a rising cost of living, yet despite this, the real estate market in Dubai is showing encouraging signs. Early indications suggest villas and townhouses will become more popular as residents look to continue to follow social distancing measures, utilising spaces where their children can play freely and safely.
Mr. Nitin, CEO and founder of Range International Property Investments, believes in the future real estate developers will have to be innovative in their sales strategies in order to continue to sell their inventory. He specifically highlighted the need for unique thinking and focused strategies when it comes to international road shows if they want to continue to attract foreign investors.
He believes that although the pandemic will undoubtedly cause some slowdown within the Dubai real estate market, returns are still high and banks are still supporting investors. The region has already implemented strong measures in response to COVID-19 and the smaller geographical area will help to ensure it is easier to control any further outbreaks.
Despite this positivity, Mr. Nitin did warn that many real estate companies will not be able to survive on their own. He believes the key to surviving over the next few months will be uniting and working together with other agents to cut costs.
Mr. Nitin added, “Although we are living through a terrible crisis at the moment, there are some positives we can take from it. For the first time the world is focused on one common goal and is working together, in harmony, to fight the outbreak.
The UAE has been leading the way in support and H.H Sheikh Mohammad has been a fantastic leader during this crisis, ensuring the economy is in a strong position as we edge back to normality. However, the government alone cannot save us and it is important that businesses come together and work as one to overcome the difficult months that lie ahead.
I learnt at school to never give in and I have strived to live by that motto my entire life. Here at Range, we know that the next few months will be difficult but we will continue to push innovative new solutions to ensure our customers are able to enjoy the very best service no matter what.”
For more information on Range, visit https://range.ae/.
© Press Release 2020