Dubai takes off: flying taxis & sky-high property sales

Sheesh!* Is the word that comes to everyone’s mind when we talk about the record after record that is being broken this year in the property market.

Well hold that thought as on this week’s episode of Taking Care of Business, Operations Director; Paul Kelly and Managing Director; Marc Walters take to discuss all things January 2023 and the sales report!

Starting off with a bang, Dubai Land Department’s statistics for January 2023 revealed that a whopping AED 28 billion worth of property has been sold in the last month.This has been the highest we’ve seen year-on-year, with property transactions in the market falling just short under 10,000 transactions.

Not just all, January 2023 saw an impeccable rise of 70% in sales transaction volume, with rental transaction volume increasing by 219%. Furthermore, client registrations for Allsopp & Allsopp were booming at a 126% increase from last January 2022.

Let’s not forget the off-plan market hasn’t sat still either. Compared to the secondary market, the off-plan industry has seen just over 5,000 transactions with a value of AED 12 billion, being an absolute game changer.

Although mortgages saw a 0.25% rise, the market still stands strong as with the rental prices surging, individuals are seeking mortgages and would rather own their homes than pay rent.

Read: Dubai's rental rates at an all-time high: Are mortgages a better option?

So, after Paul and Marc flew through the records, here’s something residents can expect in the next three years, flying taxis!

Sheikh Mohammed bin Rashid Al Makhtoum, Ruler of Dubai and Vice President of the UAE announced the introduction of flying taxis in 2026 alongside the opening of four vertiports across the city. The opportunities and reasons this city is offering the world to call its home are unmeasurable, which brings us to remote visas.

Residents can now hire talent from abroad as UAE introduces its new remote-working visas. Applicants do not have to bear the hassle of being in the country for their visa process and can work remotely for companies in the UAE. This visa after the golden visa is another shining armor for those looking to make their way into the city!

Dubai is indeed taking a magnitute of steps to continue perservering as the city of the future!

Tune in to Taking Care of Business, every Friday with Allsopp & Allsopp.

*Disclaimer: Sheesh is a word used to describe something that’s incredible or absolutely lit!