Allsopp & Allsopp have had a 40% total revenue increase from 2018. The company have seen year on year revenue growth through challenging markets since opening in 2008. This year they have moved over 4,000 families into homes.
Lewis Allsopp, CEO of Allsopp & Allsopp says “We have seen an increase in figures throughout the entire business which shows how much sentiment and confidence there is in the Dubai Property Market despite the negative talk surrounding it. Property prices dropping have given tenants the possibility of upgrading their property size or area and have given first-time buyers the chance to step onto the Dubai property market. Dubai saw 32,000 new residential properties handed over in 2019 an increase from the 21,014 in 2018 and there are expectations of an extra 49,000 properties handing over in 2020.”
The Allsopp & Allsopp average sale price has declined in 2019 which could be said to have been a stimulus for buyers who were on the periphery of the property market who are entering with a low budget to buy their first property. Allsopp & Allsopp have had record-breaking months in 2019 and the Dubai Land Department has announced record-breaking transaction figures – the most they have seen in 12 years. First-time buyers are entering the market simply because they can now afford to.
Tenant registrations have risen again this year by 14%. The population of Dubai continues to multiply year on year and, in turn, tenant registrations rise. The average rental price for 2019 dropped a further 10% to AED 132,000.
Allsopp comments “As a result of the attractive rental prices, we have had tenant’s registering to upgrade their homes, in line with this drop in pricing. Areas that may have been out of budget in previous years have been more achievable in 2019 which could be the reason for the 36% increase in rental property listings since 2018. “
Allsopp adds “Buyer registration has also increased by 22% in 2019 after we saw a decrease in buyer registration from 2017 to 2018. This rise is highly positive. The drop in pricing has encouraged many first time buyers into the market and even encouraged residents to buy second properties as an investment.”
Allsopp & Allsopp have seen buyers sell their properties to buy somewhere larger to cater for extending families.
Allsopp says “Property owners selling to buy is a sure sign that Dubai is increasingly becoming more of a mature market as residents, in some cases encouraged by the new long-term visas, are looking at Dubai as a home for the future. The movement of the residents of Dubai could be the reason for the 33% increase in sales listings.”
The award-winning real estate company have seen an increase in companies paying for rental cheques and when looking into nationalities renting a property through the company, company’s were the 3rd top cheque signer of 2019.
Allsopp comments “Companies paying for employee rental cheques is very promising as it suggests that companies are employing from overseas and are investing more in these employees. As Expo 2020 looms nearer, my predictions are that Dubai will see more companies paying for rental cheques in 2020.”
The average age of Allsopp & Allsopp Tenants has risen this year from 28 in 2018 to 44 in 2019 and buyers average age has risen from 40 in 2018 to 46 in 2019.
Lewis Allsopp says “The rise in the average age of clients could be a result of the UAE Cabinets introduction of long term visas providing families more security in the city. Professionals are more likely to move to the emirate knowing that they can settle without the worry of visa renewal after only 3 years. The Retirement visa could also be encouraging older buyers as a property worth AED 2 Million can secure a resident with a resident visa allowing them to stay in the UAE after they retire whereas previously, many retirees would have to leave Dubai.”
Dubai Marina comes out on top for the most popular area for leasing for the second year in a row. Dubai Marina is a vibrant community and is very popular with tenants who are new to Dubai. The community caters to everyone with studio apartments for singles, an array of properties for couples and large apartments and a few townhouses for families. The most popular area for sales in 2019 is Downtown. Downtown is the epitome of Dubai with the world’s tallest tower, Burj Khalifa, Dubai Mall, Dubai Opera and a plethora of restaurants and cafes only a stone’s throw away.
You can find the full report here: https://we.tl/t-