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Dubai: Providing an analysis on the real estate sector as the UAE adjusts to the new normal, Lootah Real Estate Development (Lootah), one of the region’s most prominent real estate developers, outlined the top 5 trends that will shape up the local property market in the era post the COVID-19 pandemic.
In its assessment of short-and medium-term changes that will arise in the aftermath of the pandemic, Lootah said that amongst the biggest trends to turn up is the focus on building developments that enhance the quality of life through the application of integrated safety, sanitation and automation principles.
- Focus on safety, sanitation, and automation
Thanks to Abu Dhabi and Dubai being hailed as the top two most liveable cities, respectively in the Arab world, according to the latest Global Liveability Index issued by The Economist Intelligence Unit last March 2020, this foremost trend will shore up the local real property sector’s path to fast-track recovery, said CEO Saleh Abdullah Lootah.
“We are heading towards a new direction in terms of market demand, which will zero in on the core principle of health and safety in the face of the new normal. The UAE’s top rank position in the liveability index will pay off in many sectors, particularly in the real estate – helping us mount a successful comeback,” Lootah said, adding that this rebound will be harnessed by the UAE’s remarkable global feat as the safest nation in the world.
This, he said, will pave the way for the rise of the next generation of property designs that will automate the principles of safety and sanitation.
- Preference for lower-density properties
There will be a high demand for lower-density properties and locations, as most potential investors, owners, and tenants alike would opt for more liveable spaces in view of adapting to the new normal. The coronavirus pandemic has highlighted the higher operational risk of contagion in high-density properties. The higher the density of occupants is, the higher the risk of infecting others.
“The industry will be rethinking the design of the space in order to maintain new distancing standards,” he said.
In addition, other emerging real estate and property trends that will enjoy a share of new demand include optimisation of enhanced property standards, mixed-use developments, as well as digitalisation.