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Coronavirus and Dubai Real Estate

THE CORONAVIRUS AND IT'S IMPACT ON DUBAI REAL ESTATE

In the light of the growing concern regarding the deadly Coronavirus, we would like to promote awareness among our employees. World Health Organization (WHO) was alerted to several cases of pneumonia in Wuhan City, Hubei Province of China. The virus did not match any other known viruses. The new virus is a coronavirus, and was temporarily named as novel Coronavirus (“2019-nCoV”) which is a family of viruses that include the common cold, and viruses such as SARS and MERS.

CORONAVIRUS
LOCATIONCONFIRMEDRECOVEREDDEATHS

Worldwide

Worldwide
1,357,567
194,311
47,256

United Arab Emirates

United Arab Emirates
2076
167
11

United States

United States
366,362
8,878
5,133

Italy

Italy
132,574
16,847
13,155

What is 2019 novel coronavirus?

The 2019 novel coronavirus (2019-nCov) is a new virus that causes respiratory illness in people and can spread from person-to person. Most of the cases have had exposure to a large seafood and animal market and with proved human-to-human transmission.

How does 2019 novel coronavirus spread?

The virus can spread mainly via respiratory droplets produced when an infected person coughs or sneezes. It may also spread when a person touches a surface or object that has virus on it and then touches his or her own mouth, nose, or possibly their eyes.

Coronavirus

Signs and Symptoms: Initial symptoms are flu-like and may include fever, muscle pain, lethargy symptoms, cough, sore throat, and other nonspecific symptoms. The symptom common to all patients: fever above 38 °C (100

°F). This may eventually lead to shortness of breath and pneumonia — either direct viral pneumonia or secondary bacterial pneumonia.

Coronavirus in UAE
Coronavirus in UAE

PROTECT YOURSELF AND OTHERS FROM GETTING SICK:

  • Frequently clean hands by using alcohol-based hand rub or soap and water.
  • When coughing and sneezing cover mouth and nose with flexed elbow or tissue – throw tissue away immediately and wash
  • Avoid close contact with anyone who has fever and
  • If you have fever, cough and difficulty breathing seek medical care early and share previous travel history with your health care provider;
  • Avoid Travelling to China or affected
  • Avoid unprotected contact with live
  • Avoid consumption of raw or undercooked animal
UAE Real Estate

THE UAE IS WAY AHEAD

 

As several countries are in the process of looking at possible solutions to curb the coronavirus outbreak, the UAE has already taken concrete steps toward doing so. The UAE was the first country in the world to announce temporary school closures to disinfect the facilities so students could return to a cleaner and safer environment in the future – a remote learning program ensures that students continue to keep up with their lessons in the interim. It is also the first country to carry out intensive screening of every arriving passenger to catch potential infections before they have a chance to leave the airport.

 

However, life goes on in the city. While certain events have been cancelled due to health concerns, there are several others that are still going ahead with provisions in place to stop the spread of infection. There is a strong emphasis on plain and simple common sense, along with proper hand hygiene, to combat the virus as opposed to blind panic.

IS IT THE RIGHT TIME TO BUY PROPERTY IN THE UAE?

 

The UAE has always been a destination that ultimately provides peace of mind for investors, even during times of global uncertainty and unrest. That holds truer than ever now. Dubai continues to surge ahead with plans for Expo 2020 and there have been major announcements such as Cristiano Ronaldo being awarded a 10-year Golden residency visa.

 

As one might expect during any major crisis, there will be a short-term economic dip. This is good news for homebuyers and particularly for investors, who can acquire a property at a fair bargain and can expect to reap significant returns on their investment when the market turns back around.

 

And indeed, you need an investment you can depend on during a time like this. Speculation over the full impact of coronavirus has resulted in huge losses for stock markets around the world. Due to the unpredictable nature of stocks, these losses may yet become sharper before going on the rise. The stability of investing in brick-and-mortar keeps you better protected over the medium and long term. 

 

We understand that the impact of the virus is a major concern for all of our prospective clients. Please get in touch with our Private Client Advisory team, who can give you a more thorough analysis of the market and provide you with comprehensive advice on how you can stay ahead of any shifting trends.

 

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