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Allsopp & Alsopp CEO: Stay calm and look for opportunities now and post COVID-19

Lewis Allsopp, CEO of Allsopp & Allsopp has given his view on the effects of Covid-19 on the real estate market and his advice to buyers and sellers

There are clients who are still actively looking to buy properties because they have a need to move into a house Advice to buyers would be to stay calm throughout this period of uncertainty and to not make irrational decisions The postponement of Expo 2020 should have no significant impact on the Dubai property market

How have clients reacted to the pandemic? 

“Allsopp & Allsopp are in constant contact with all clients and we are hearing a mixture of advances throughout the covid-19 outbreak. Clients who are less motivated or are not in a pressing position to buy, sell, rent or rent out a property are mostly saying they will wait until the sterilization process is over to review their situation. However, there are clients who are still actively looking to buy properties because they have a need to move into a house as they have sold their home, have a pre-approval from the bank or are being evicted by landlords. Many Allsopp & Allsopp tenants are in the same situation, they are looking for somewhere to move into as their tenancy contract is complete and they have given the notice to vacate and the new tenant is moving in.”

Read: Allsopp & Alsopp Q1 Report 2020- Very strong start to Dubai’s real estate

What is your advice to buyers? 

“My advice to buyers would be to stay calm throughout this period of uncertainty and to not make irrational decisions. If a buyer has been saving to buy a property in Dubai because they plan to be here long-term, they should continue in that mind set. The pandemic will be short-term, although it may seem uncertain for now, it will pass and there will be a great opportunity to purchase a property at an attractive price and perhaps take advantage of the increase in loan to value mortgage deals put in place by the UAE government stimulus.”

What is your advice to sellers?

“My advice to sellers is to communicate directly with their registered real estate broker. Answering calls and keeping your broker in the loop with your decisions and your position in the market is hugely important. I would advise sellers to ensure the marketing of their property is still taking place to a significant standard. 

There are still buyers actively looking and although some may not be ready to commit to a purchase right now, they are registering their interest and sellers should ensure their property is being seen by these buyers to secure a quick and efficient sale in the near future.”

ReadDubai residential property demonstrated a resilient start to 2020, says Chestertons

Do you think the postponement of the Expo will have an impact on the market? 

“I believe that the postponement of Expo 2020 should have no significant impact on the Dubai property market. In my opinion, when the Expo does occur it will have a positive impact on the market and will bring a lot of interest and new expats to Dubai as well as acting as a stimulus for the economy, but for now, I don’t see the postponement having a negative impact on pricing.”

Read: Virtual viewings increase for Middle Eastern buyers looking to purchase UK property

Are property prices dropping as a result of the pandemic? 

“Property prices in Dubai have not dropped as a result of the Coronavirus outbreak or the sterilization process in the city. Our real estate brokers are educating buyers and sellers as much as they can and from what we can see so far, we predict this is a short-term market status and with the lack of viewings occurring, we have seen prices freeze. In my opinion, prices will remain the same throughout this period and we shouldn’t see any kind of fluctuation in the market.”