Impact of Covid-19 on UAE and KSA Real Estate Sector: a conversation with Peninsula Real Estate and CBRE
Last week, Peninsula Real Estate’s Chief Economist Dr Chris Payne joined Simon Townsend, Head of Valuations and Consultancy at CBRE in a discussion on the impact of Covid-19 on the real estate sector in the UAE and Saudi Arabia, and what the future of this sector looks like in the region. They covered a lot of ground – including the ongoing transformation in the office space in each country, the projected economic impact of Covid-19 on regional real estate, the importance of technology in future workplaces, and work-life integration.
Dr Chris Payne also examines how the economic conditions in the region have determined real estate prices, and how this will play out against the backdrop of Covid-19. This includes a perspective on what has been driving demand issues regionally, noting the relationship between weaker demand and fiscal constraints placed on governments by lower oil prices, and views on how the real estate sector has been impacted by Covid-19 and importantly, how the real estate cycle will return.