The global coronavirus pandemic has caused a seismic shift across multiple industries. Even as countries begin to emerge from lockdown, many of the changes we are now seeing are becoming longer-term. Working from home has become something that people now expect as an option, creating huge change in the property market.
Ryan Mahoney of Dubai, UAE, is the CEO of a property business and takes a keen interest in all new property market trends for the region.
In 2021, there are several new trends emerging across the UAE property market, including those directly related to the pandemic and other more organic trends, that look set to remain for quite some time.
Higher Standards of Office Space
With a global workforce no longer laboring under the apprehension that it is necessary to attend a physical workspace to get the job done, employers in the UAE are increasingly looking for ways to improve the standards of the office space they provide.
While approaches to working patterns will likely remain flexible, companies that want their employees to return to the office are working harder to incentivize them by seeking out a higher standard of office space, while employees are changing their focus in terms of where they want to live.
The embedded infographic looks at some of the most desirable residential areas in Abu Dhabi.
‘Hotelification’
‘Hotelification’ is the term that has been coined to describe the recent repositioning of hotels as a one-stop solution for residential, office and retail space within city centers across the UAE.
Some of the most successful hotel brands are those that have developed a strong reputation for being places where people can carry out almost every aspect of their lives, including both work and leisure.
Many office spaces are now undergoing their own hotelification, being rebranded as spaces where workers can socialize, dine and be entertained alongside specific areas for work.
Residential Market Trends
According to a poll of property analysts conducted by Reuters, in 2021 house prices in Dubai will rise for the first time in six years.
Prime properties in Dubai have been bought up as buyers take advantage of easy credit, low prices, and an economy that is open for business despite the COVID-19 pandemic. As more government incentives to stimulate the economy are introduced, the residential property market should continue to flourish.
The PDF attachment looks at Dubai’s most expensive residential property transaction of 2021.