Let’s get into all things Paul and Marc discussed - starting with sold-comparable insights, how can this change the approach for buyers and sellers in the market?
This transparent approach will help buyers and sellers in making more informed decisions as well as help agents with their confidence on market discussions and to keep up with their area and expertise.
Marc suggests having factual data on hand is always easier for landlords, buyers, sellers and tenants as they can understand the market’s flow and negotiate better terms for themselves. Furthermore, this is beneficial for them as it also shows them a price range and value for their investment.
This data is updated on our website every 24-hours and can be accessed under any listing. Viewers can even request a 6-month area specific detailed report on WhatsApp or Email and the graphs provide a clear transparency of data in the market. Impressive - isn’t it?
It's a clear indication that Dubai’s luxury market is thriving and isn’t showing any signs of slowing down. With Bugatti Residences seeing their project’s launch this week at the Coca-Cola arena, they revealed that their 44,000 sq.ft penthouse sky mansion is set to sell for a legendary AED 750 million! And Paul adds - anything by the waterfront is set to sell, as the demand for luxurious waterfront properties is continuously soaring in Dubai. Marc then compares the prices of Dubai’s luxurious properties and their demand to the world’s capitals such as New York and London.
Overnight in the UK, there was an increase in mortgage rates of 0.25%, being the 12th rise in the UK market since December 2021. The interest rate in the UK is the highest its been since 2008, and Paul says - What we're also seeing is lenders pulling properties and increasing rates by higher than that and on the back of increasing regulation and tax implications of owning, buy to let properties in a portfolio in the UK over the last probably 5 to 10 years with, with some of the regulations and what have you, the attractiveness of, buy to let ownership in the UK has been dwindling for some time now.
Onto the last topic for the day, Paul and Marc sit to discuss the new initiative launched by Dubai to improve holiday homes. A QR code system is set to be implemented outside each holiday home so visitors have the ease of scanning to know more on the property, who to contact, etc. This was in part to build more transparency and a safer environment for tourists in the city.
To hear more on Paul and Marc’s discussion - tune into Taking Care of Business, every Friday!