He added that “the real estate market has become more mature and has reached a healthy price correction stage, because it supports the investor and the final consumer together, and this increases the opportunity to achieve a profit margin of investment for the end user, and thus helps in the continuity of the economic wheel and a strong movement of the real estate market.”
Binghatti pointed out that the price equation has become reasonable and is in the interest of the end user, adding that “prices in the Dubai market are now very suitable for purchase, and the cost has become reasonable, as well as the selling price. There is a greater sense of responsibility on all sides by the developer and consultant besides real estate brokers, who have reduced commission rates to adapt to the market situation. He pointed out that his company launched the second phase of the “Binghatti Avenue” project in the Al Jadaf area of Dubai Healthcare City, with a total investment of 600 million dirhams. The project extends over an area of about one million square feet. It is a 35-storey residential tower comprising 665 residential units consisting of 454 one-bedroom apartments, 110 two-bedroom apartments, 86 three-bedroom apartments, in addition to 28 villas «town House »includes three bedrooms.
He stated that the demand for real estate in Dubai increased during the recent period, locally and abroad, in light of the attractiveness of the sector, and its consideration of it as one of the safe havens in the midst of the “Covid-19” crisis.
He stressed that «historically after every crisis, demand is higher on the real estate sector, in light of the search for a safe haven, because the real estate is characterized by low operational costs, unlike other projects. Binghatti attributed the increase in domestic demand to the reluctance of individuals to travel abroad due to the pandemic, which increased the flow of local liquidity, raised with the savings rates, and also encouraged the re-injection of this liquidity into the real estate sector.
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