The COVID-19 pandemic that has swept the world over the past two years has had a significant impact on almost every business sector.

Some have been able to take advantage of new ways of living to generate huge profits, such as online delivery companies and streaming services, while others have been dealing with a huge downturn in business which is only just starting to turn around in the last quarter of 2021.

The PDF attachment looks at some of the sectors that have suffered the biggest losses and those that have made the greatest gains.

The real estate sector is one that has experienced mixed fortunes around the world throughout the worst of the pandemic. Restrictions on movement have made it harder for people to exchange properties. On the flip side, demand has surged as people’s priorities have changed and new types of properties have become more desirable.

In Dubai, the housing market has made what many are billing a ‘remarkable’ recovery in 2021. Ryan Mahoney, Dubai UAE property professional, has been following developments.

Dubai’s Real Estate Comeback

Figures for the first half of 2021 show that the Dubai real estate market has reached its highest point in four years. This demonstrates not only a resilient comeback from the pandemic, but also unexpected growth based on figures from before the virus hit.

Both real estate agents and banks are in agreement that the recovery witnessed across the sector is positive, significant and likely to be sustainable. Growing demand for larger properties combined with a backlog of prospective buyers and sellers has resulted in unprecedented demand across the market in 2021.

Sales figures increased in terms of both volume and value in early 2021, with mortgage data from the early months of the year seeing the highest number of transactions in over a decade.

You can see some of the most expensive property sales in Dubai for 2021 outlined in the infographic attachment to this post.

Incentives to Buy

There have been a number of incentives to buy introduced to boost the Dubai real estate market in recent months. These have included government incentives such as special visas and a reduction in LTV for first-time buyers. The embedded short video explains more about LTV.

Current buyers can also benefit from attractive housing prices, competitive mortgage rates and low interest, all of which are helping to drive this real estate boom.