Tilal Properties recently conducted a survey in order to analyse public opinion about investing in real estate during the current global situation surrounding COVID-19. The survey was completed by over 1400 UAE residents.
Tilal Properties, a joint venture between Sharjah Asset Management and Eskan Real Estate Development, sent the survey out to gain a better understanding of how the real estate market has been impacted. The outbreak of the Coronavirus has greatly impacted global and national economies, and in the UAE specifically, property markets have been greatly impacted due to travel restrictions which have limited the influx of visitors to the GCC region. It is imperative to analyse investment options and make informed decisions based on public feedback.
Residents of the UAE who completed the survey were made up of a broad range of nationalities, ages, and were asked a number of questions to help analyse public opinion on real estate. Amongst the questions, survey takers were asked for their housing preferences, the most important factors that influenced their decisions when buying property, and their stance on buying or investing in property considering the current climate.
The survey which was done in cooperation with Omnesmedia.com, showed that 40% of the public still believe it is safe to be investing in real estate despite the current circumstances, and that 56% believe investing in real estate is a safe option to protect investment value. An astounding 44% of the responders stated that developer reputation was the most important factor that influenced their decision when buying a property.
Khalifa Al Shaibani, Director-General at Tilal Properties, said “we are always looking to fulfil the market’s requirements, and as the market changes, so too do our strategies. The decisions of investors are influenced by the public opinion and this survey enables us to gather that feedback and make informed decisions.”
Al Shaibani continued “the future of real estate will of course be affected by the global pandemic; however, we are optimistic. We predict the market will improve tremendously and we will see a boom in real estate. The survey we recently conducted will enable us to better understand the market that is invaluable information which will help us navigate our strategies going forward.”
Tilal Properties, a leading UAE-based real estate development and investment company, and the premier developer of residential complexes and freehold projects in the Emirate of Sharjah, The company boasts a number of projects, including Tilal City, a first of its kind community development in Sharjah that spreads over 25 million square feet and is designed to accommodate 65,000 residents. Tilal Properties works closely with various government departments and private companies to ensure synergy and integration of potential with the ultimate goal of promoting investments in Sharjah.