Umar Farooq Zahoor Explained the Evolution of Real Estate in 2K21

Here, we will explain what Umar Farooq said about the evolution of the real estate sector in 2K21 and how the scenarios changed in the last few months. Farooq is an entrepreneur who has a great vision and he always takes a peek at the impact of the last twelve months on the landscape of the real estate and what main dates in 2K21 have done in industry projections. The primary changes as observed by Umar Farooq in the tenders of the last quarter of 2020 is the drastic increase in the developments of mixed as well as large-scale, focus on sustainability, and projects refurbishment all around the hospitality industry. A minor but the trend is too new in this field and emerges as the biochemical tenders, mainly within Dubai. During the Epidemic, most of the construction stayed on the site. By saying that, Farooq said we can feel some delay due to the capacity reduction of the site and stay aligned with the guidelines of the social distancing. As per the reports observed on the construction sector of UAE, there is a drop of approximately 2 percent that was too low in comparison with that of other markets based in GCC where the work ceased. The industry is expecting around cover up 4 percent this year with some sectors like tourism and transport, that we have started seeing all the times as explained by Farooq. Overall, tourism is up but triggered to stay from medium to that of a long stay.

Overall, industry players have made great progress in sorting out all issues that have been taken place in the sector of construction so that you can recover rapidly. By speeding up the use of all technologies like virtual reality, drones, and BIM to decrease waste collected from all processes was an immense leap for all of us. While discussing the present approval of the new Dubai building code, he said it is also a great development and the codes highlight a set of updated rules and standards of the industry and also, seeks to reduce construction prices by streamlining regulations of the building. While moving close to the 2K21, we can see some medium to long-time governmental investments to stay focused on the up-gradation of the physical infrastructure as well as reforming the regulatory as well as the financial environment all around the construction sector, during Expo.