In the first week of May 2020, Allsopp & Allsopp registered the highest number of buyers and tenants in one single week since opening the business in 2008.
Lewis Allsopp, CEO of Allsopp & Allsopp says “Times may be unprecedented but for residents living in the UAE and seeing a future here in Dubai, plans to purchase their own home have not diminished. The UAE government stimulus package and the Central Bank of Dubai’s increases in loan to value mortgages have encouraged many buyers into the market.”
The company reports a 67% increase in buyers registering their interest in buying properties and a 28% increase in tenants registering to lease a property from the first week in May 2019 to the first week in May 2020.
Lewis Allsopp says “There has been a huge increase in activity in the market since the sterilisation period of 24hours has been reduced. We are seeing more transactions and clients are ready to proceed with buying, selling and letting properties.
It’s a really positive sign for the market that we put down to a number of factors including; a level of pent up demand, people spending time at home and realising they’re not happy there for one reason or another, tenants wanting to reduce their outgoings and both end-users and investors seeing this as an attractive time to enter the market.”
Allsopp & Allsopp are now conducting physical viewings with agents and clients wearing masks, hand sanitising and in most cases, the agent waiting outside the property as the client views to adhere to the social distancing measures put in place by the UAE government.
Allsopp adds “Although physical viewings are taking place, we are still conducting virtual viewings to narrow down property searches and reduce the number of physical viewings wherever possible.”