Can data transparency in the market switch up the game for buyers and sellers?

On this week’s episode of Taking Care of Business, Operations Director; Paul Kelly and Managing Director; Marc Walters sit to discuss all things sold-comparable data insights, how real-time data on the market is changing the game, what’s Dubai’s newest initiative for short-term rentals and why UK investors should consider coming to Dubai!

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?

Last week, Allsopp & Allsopp’s website released a new feature addition; The Sold-Comparable insights which is now visible on every listing - be it residential, lease, sale or commercial. Viewers can now see real-time data on price trends and units, as well as receive a report over the last six months on how the market has performed.

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?

Onto our next agenda - Paul discusses another record has been broken in Dubai’s property market, what’s the number this time? Marc shares that a property at the Marsa Al Arab by Jumeirah Beach Hotel, a penthouse, has been sold for a record-breaking AED 420 million! Similar to the one above, another one had sold at the AVA in Palm Jumeirah by Dorchester Collection and Ominiyat for AED 220 million.

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.

Paul and Marc’s third topic for the day didn’t circulate around Dubai but was rather a call out to UK investors!

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.

Once the rates drop, Marc suggests there could be a stampede for property demand and hence UK investors should consider coming to Dubai, as the rates are lower here with more luxurious properties on the market.

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.

Dubai has recently been voted the number one destination for tourists by TripAdvisor in 2023 and that is sure to attract a large string of visitors and tourists into the city, boosting the market for short-term rentals.

To hear more on Paul and Marc’s discussion - tune into Taking Care of Business, every Friday!