Coronavirus: What impact will Covid-19 have on Dubai's property market : Realtors say impact on UAE’s property market will be short term “coronavirus has changed the story for 2020 “
It’s a commonly searched question since the coronavirus and COVID-19 outbreak: how will coronavirus affect house prices? prices will go down. People, up until now, have been talking about the property market developing a bit of momentum, with the interest cuts we had last year and the easing in credit conditions. The financial scars of the 2008 banking crisis had long since disappeared, but the traces of its impact are still clearly visible.Parking lots at Dubai International Airport remain home to a plethora of vehicles, buried in dust and sand, where the hand break was raised one last time before individuals and families fled the country, their financial worries and, some might say, their responsibilities. Dubai only just escaped a debt crisis in 2009, caused by collapsing property prices, which threatened to force some state-linked companies to default on billions of dollars of debt. Fast forward over a decade later and there is a new crisis that the emirate, and the world, is facing: Covid-19 .Oxford Economists is warning it could knock 1.3 percent off global growth this year, amounting to a staggering $1.1 trillion in lost income. “There will be inevitable impacts on economic growth, tourism, high-street retail spends and so forth, but there are longer-term outtakes such as accelerating trends within flexible working, online retail . The UAE regulator plans to support banks and businesses in the country, where the outbreak is affecting major economic sectors such as tourism and transport, with a $27 billion economic plan. The Saudi Arabian Monetary Authority said it had prepared a 50 billion riyal ($13.32 billion) package to help small and medium-sized enterprises (SMEs) cope with the economic impacts of coronavirus. The disease has so far infected 85 people in the UAE and 105 in Saudi Arabia.