In this week's episode of Taking Care of Business, our Operations Director is joined by Jess Stephenson, who is our Head of Sales Progression. They discuss all things data in the market for the first half of the 2023, sales progression and its influence on the data and how Dubai’s property market has seen significant growth within six months.
Paul and Jess start off by discussing how the property market saw AED 178 million value for transactions in the market, which is an 18% increase compared to the second half of 2022 and year on year and 55.4% increase in sales volume.
They also discuss the impact of data on sales progression, particularly in terms of mortgage buyers versus cash buyers. In H1 of 2023, buyer interest rose by 83% indicating a healthy markt showing growing interest in mortgages.
They then delve into various aspects of the market, including off-plan versus secondary transactions, property types, mortgage trends, and average sale prices. They discuss the value of off plan transactions as it was AED 70.7 billion while the value of secondary transactions was AED 107 billion which was AED 37 billion more value in the secondary market.
They touch upon the rise in property devaluations and how it affects buyers, the nationalities of buyers in Dubai, and the rental market. The rental prices have increased significantly, with the average letting price up by 10% compared to the previous year.
The podcast concludes with discussions on overseas investors, the process of buying property in Dubai for non-residents, and the average developer sales price. They also mention emerging trends in premium city living, established villa communities, and the rise in property demand in Jumeirah Islands.
Overall, on this episode, Paul and Jess dive into providing valuable insights into the Dubai property market, highlighting the market's growth, challenges faced by sales progression teams, and various trends shaping the industry.
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