Expert Advice with Footprint Real Estate: All about buying a property in Dubai post-lockdown
We’re back with another Expert Advice feature where we meet leaders from the real estate industry to discuss the current property trends in the market. This month, we are in conversation with Hamid Shabir, the Co-founder of Footprint Real Estate. In our latest Expert Advice segment, Hamid shares his perspective on the current market trends for buying a property in Dubai post-lockdown.
Watch the video below to find out which areas are currently popular with buyers and investors and learn about how the real estate market is evolving as restrictions ease across Dubai.
Alternatively, take a look below at the highlights of our Expert Advice segment with Hamid Shabir.
TRENDS FOR BUYING A PROPERTY IN DUBAI POST-LOCKDOWN
CAN YOU BUY A PROPERTY IN DUBAI IN THE CURRENT MARKET?
According to Hamid, buying real estate is always a good investment. He says investors and buyers shouldn’t be concerned with the timing of the purchase; instead, they should focus on the type of property they are purchasing and trends associated with it.
He explained that in the last two years there has been increased demand for affordable apartments for sale in Dubai. He says interest has also increased for townhouses for sale in Dubai because of the ticket size and the fact that it offers good returns. Buyers and investors should consider these property types if they plan on buying properties in Dubai post-lockdown.
When asked about the areas that are currently in demand, Hamid said projects with gated communities, private facilities, parks, cycling tracks and jogging tracks are currently sought after by buyers and investors. This includes areas like Arabian Ranches 2, DAMAC Hills (Akoya by DAMAC), and Mudon and Town Square.
IS THERE AN INCREASE IN FIRST-TIME BUYERS DUE TO THE REVISED LTV RATES?
On 16 March 2020, the Central Bank introduced a stimulus plan in the UAE to mitigate the economic impact of COVID-19. As part of this stimulus plan, the Central Bank increased the loan-to-value ratios (LTVs) for mortgage loans by 5 percentage points for first-time buyers, keeping the UAE real estate market affordable by requiring these buyers to put up less of their own funds when making a real estate purchase.
Hamid said that he has seen an increase in demand from end-users because of the revised LTV rates. He says: “There are two benefits which buyers are getting with the revised LTV rates. One is the revised LTV rate. Secondly, due to the current market, the interest rates are also lower, EIBOR is down, so we see a lot of finance buyers capitalising on this opportunity and buying ready properties.”
TRENDS FOR SELLING PROPERTY IN DUBAI POST LOCKDOWN
When it comes to selling property in Dubai in the current market, Hamid advises owners to hold their property and sell once business goes back to normal. By doing so, owners can capitalise on better ROI in the future as demand increases. He said “We will have more and more residents coming in soon. We are in a country which is full of services, so we will soon have more employment and more people coming in. When the number of residents increases, the demand for properties will also increase. So we should hold on to these properties for at least two to three years.”
BAYUT’S SUPPORT DURING THE LOCKDOWN
Finally, Hamid shared his views on how Bayut has helped him and his company during this challenging time. He said: “We have been using Bayut for the last one year but I can tell you that my whole perception of the services given by portals has changed. We have seen the Bayut team training our agents. We have seen how they have improved our quality. We used to use the portals but we were never working on quality.”
Hamid also spoke about the revolutionary features on Bayut such as the Checked or TruCheck™ listings, which have helped his agency receive really good enquiries. He also spoke about the 3D Live feature on Bayut, which helped them acquire leads from international buyers that they were able to successfully close.
ABOUT HAMID SHABIR
Hamid Shabir is the Co-founder of Footprint Real Estate. A successful entrepreneur, Hamid has over a decade of experience in the UAE real estate industry and is currently managing a sales team of over 80 members.
ABOUT FOOTPRINT REAL ESTATE
Established in 2005, Footprint Real Estate is one of the leading property agencies in Dubai, providing specialised services for sales and leasing of residential and commercial properties. Their portfolio of services extends to property management, facilities management, development advisory, asset management and international real estate portfolio management.
This agency has an established track record of exceptional customer service. Learn more about Footprint Real Estate on Bayut including their areas of focus and connect with their experienced agents.
That concludes this Expert Advice segment. If you are looking at affordable areas for investment, here is a list of the best area to invest in Dubai real estate.
Would you consider buying properties in Dubai post lockdown? Let us know in the comments below.
Disclaimer: The views expressed in this article belong to the interviewee alone and does not reflect the opinions of Bayut.
