Rental relief is on the way, and unveiling the October Market Snapshot

Rental relief is on the way, and unveiling the October Market Snapshot

Friday 17 November 2023Wed 16 Feb
Rental relief is on the way, and unveiling the October Market Snapshot

On this week’s episode of Taking Care of Business, tune in as COO; Carl Allsopp and Operations Director; Paul Kelly unveil the details from our Allsopp & Allsopp October Market Snapshot. Discover how rental relief could be on the way for tenants, and how Dubai’s property market is setting new records for residential sales!

Let’s dive into their conversation…

The podcast kicks off with a focus on the record-breaking transactions, the rise of "super sellers," and the possibility of rental relief. Carl and Paul share statistics, such as the total transaction levels for 2023 surpassing the full year of 2022 within the first 10 months.

The average price per square foot is highlighted, reaching a level matching that of 2014. Addressing concerns about a peak, Carl and Paul attribute the 2014 downturn to government intervention, emphasising that Dubai's current market dynamics are different.

They delve into transaction figures, noting a significant increase in secondary sale transactions, particularly in the AED 3 to 5 million price range which saw a 109% rise. Carl and Paul discuss the impact of population growth and changing affordability on the market, with a focus on the shift towards more secondary sales.

Carl and Paul also explore the rental market, noting a spike in people looking for rental properties, potentially driven by landlords' strategies amid rising prices. Despite the increase in rental demand, Carl and Paul reassure that the market is still affordable compared to global counterparts.

The podcast concludes with a look at future predictions for 2024, with Carl and Paul anticipating continued growth in the Dubai real estate market. They highlight the importance of considering individual markets within Dubai and emphasise the attractiveness of the city to a diverse range of people from around the world.

Want to dive deeper? Check out our October Market Snapshot.

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