What would a home in Dubai look like after COVID-19? In the years ahead, buyers will likely look for communities with more walking and biking spaces, larger terraces, supporting retail and F&B, and organised community engagement.
COVID-19 is expected to change the preferences for location demand and unit layouts. During the lockdown, occupants adjusted their lifestyle by converting dining and living rooms into working spaces and demarcating spaces for children to study and play in. Alongside internal layout preferences, community infrastructure and an increase in demand for single-family homes is also expected.
Colliers, a global real-estate consultant, carried out a survey in Dubai to assess the impact of COVID-19 on the residential market. Here are the key findings:
- Demand is increasing for more space including study rooms as a result of changing work patterns.
- The number of end-users and tenants moving from apartments to villas and townhouses is increasing and expected to continue after COVID-19.
- Apartments without balconies or with small ones are proving more difficult to sell/rent.
- There is an increase in demand from end-users as many tenants are keen to own given the reduced finance rates, terms and LTV (often cheaper per month than their rent). Along with this increased demand is concurrent demand for community facilities.
- In post COVID-19 scenario, communities will start to become more of a place called ‘home’ rather than serving as a temporary transitional place where people often come and go.
(Writing by Seban Scaria; editing by Daniel Luiz)
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