Real Estate in Dubai during Covid'19
“It is a situation that we are not used to, and it is the worst since 1929 according to IMF and the World Economic Forum. However, at the same time this is a golden era of opportunity and affordability that we probably won’t see again for another 10 years,” said Dr. Mahmoud.
He later discussed the difference between a short- and long-term vision and how it plays an impact on the market. The German central bank and a few other global universities did a case study that proved that in the last 150 years, real estate and housing was the best asset to have.
Dubai is known for its resilience and risk management; it is in the DNA of the city. If we just look at the airport in the 1960s, Dubai only had 2 airplanes coming in hired from Pakistan and today it sees over 200 airplanes and people from all around the world.
Dr. Mahmoud also shared that Foreign Policy Magazine talks about the word “VUCA” which means Volatile, Uncertain, Complex, and Ambiguous. They use this term to describe the current situation in the world, but Dr. Mahmoud believes while yes, this is the current status with COVID-19, the world is still full of big opportunities. This situation can give people, cities, and policymakers a chance to reset their cities to make them more affordable and sustainable.
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