## Is AI the future of Dubai?

<iframe width="560" height="315" src="https://www.youtube.com/embed/vRwak_gilS4" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>

On this week’s episode of Taking Care of Business, join CEO; Lewis Allsopp as he sits down with Dr Noah Raford (PhD), who is the co-founder of Dubai Future Foundation and former advisor to H.H. Sheikh Mohammed bin Rashid Al Maktoum to discuss all things artificial intelligence, how the first 3D printed building was constructed, Noah’s newest venture Lazy Brain and whether or not AI would be replacing many jobs? 

Interested to hear more on it? Tune into [Taking Care of Business](https://www.youtube.com/playlist?list=PLf4jDvQ7iiLLPSDjQWuBd8BLM-cQqBLy_), every Friday!

## News that caught our attention this week

### Dubai’s real estate market recorded AED 3.5 bn worth of property sales transactions on Tuesday

If a place knows how to break records, it's definitely Dubai. On Tuesday alone, Dubai’s property market saw 612 property sales transactions worth AED 3.5 billion. Earlier on Tuesday, one of Dubai’s biggest and fastest sales took place at FIVE Luxe Sensoria Tower for a penthouse worth AED 50 million! 

### What is Hassantuk, and do you need it?

In case you missed it - back in 2020, Hassantuk was announced as a fire safety system for villas in the UAE. It ensures the swiftest response time to fire and emergency alerts through a 24x7 connected fire alarm system, integrated with Civil Defense Command Centres in every emirate. All villa owners must have Hassantuk installed in their homes before September 2023.

If you’re keen to know more about Hassantuk, [take a read](https://www.allsoppandallsopp.com/dubai/about-us/news-videos/911-What-is-Hassantuk,-and-do-I-need-it?)!

### UAE work permits to be extended to three years!

Good news for those of us who are about to renew our contracts or are about to sign new ones - UAE has announced the extension of two year work permits to three years. Isn’t that impressive? This move for work permits is made by the FNC in order to reduce the costs that companies bear while applying for work permits.

Keen to know more? [Have a look](https://www.allsoppandallsopp.com/dubai/about-us/news-videos/910-UAE-work-permits-to-be-extended-to-three-years)!

## Company Updates

### What does Lewis Allsopp have to say about Dubai’s $5-billion moon project?

Dubai has now proposed a $5-billion real estate project known as the Dubai moon project which focuses on bringing the moon down to Dubai - yes, we’re serious!

This would be a transformation for the real estate sector as the Dubai moon project and these luxury residences would be like no other. And, here’s what Lewis Allsopp has to say about it to The New York Post:

“Dubai is in a completely different world compared to 2009”, said Lewis Allsopp. “Launched products are selling out on the spot.” He added.

Read more on [The New York Post](https://nypost.com/2023/05/19/dubais-5b-project-seeks-to-build-resort-inside-900-foot-replica-of-the-moon/)!

### Anisha Sagar talks at the Proptech Deck about Property Management

Allsopp & Allsopp’s very own; Anisha Sagar who’s the Director of Property Management spoke at Proptech Innovation Summit this week about the digital transformation in property management. She expanded on how proptech has evolved in property management and how different stakeholders can benefit from having a property manager. 

Isn’t that impressive?

### Elegant five-bedroom villa in the heart of The Centro, The Villa

![a0O4S0000010aGTUAY_m_DSC00751.jpg](https://strapiallsopp.s3.eu-west-1.amazonaws.com/a0_O4_S0000010a_GTUAY_m_DSC_00751_f13c58ee20.jpg)

Take a look at this five-bedroom villa in The Villa, where modern architecture meets contemporary. All bedrooms are ensuite and come with fitted wardrobes. Outside, you’ll find a fully landscaped private garden, upgraded swimming pool and shower area.⁠

Interested? [☎️ Chris Ralph +971585085120⁠](https://api.whatsapp.com/send?phone=971585085120&text=Hi%2C%20Chris!%20I%27d%20like%20to%20know%20more%20about%20this%20property%3A%0Ahttps%3A%2F%2Fwww.allsoppandallsopp.com%2Fdubai%2Fproperty%2Fsales%2Fdubai-L-207917)
⁠





Weekly-Newsletter-111822---web-cover.jpg

Dubai's Weekly News Snapshot: The Ampersand 26-05-2023


**Breaking the silence: Allsopp & Allsopp disclosed the April figures!**

<iframe width="560" height="315" src="https://www.youtube.com/embed/GN63lOGK2as" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>

On this week’s episode of Taking Care of Business, join Operations Director; Paul Kelly and Managing Director; Marc Walters as they sit down to discuss the highlights from April’s real estate activity, why the market needs more commercial properties and find out why Marc’s head is blown away! 

Tune in to hear all this and more on [Taking Care of Business](https://www.youtube.com/playlist?list=PLf4jDvQ7iiLLPSDjQWuBd8BLM-cQqBLy_), every Friday.

**The Dubai property market snapshot for April 2023 is LIVE!**

The April figures are in and The Dubai property market saw a dip in total sales transactions and sales value during April. 

However, year-on-year sales transactions remained 46% higher than April 2022, and total sales value was also 16% higher than this time last year. Several external factors contributed to the dip, including the Ramadan, EID, and Easter holidays. 

If you are a prospective buyer, seller, landlord or tenant and would like to know more, view the full [Allsopp & Allsopp Dubai Real Estate Market Snapshot for April 2023](https://www.allsoppandallsopp.com/dubai/about-us/news-videos/899-The-Dubai-property-market-snapshot-for-April-2023-is-LIVE!%0A%0A)

<u>**News that caught our attention this week**</u>

**UAE Tax: How to register for EmaraTax**

As you might have heard, the UAE has recently announced corporate tax - which is set to start on 1st June and is 9%. This tax is applicable to businesses generating a turnover of AED 1 million and higher - which was announced on Wednesday 17th May, 2023.

The Federal Tax Authority has announced a new digitised system - EmaraTax through which companies can register for corporate tax. 

If you’re interested to know more about corporate tax, [we’ve broken it all down for you](https://www.allsoppandallsopp.com/dubai/about-us/news-videos/902-UAE-Tax:-Everything-you-need-to-know-about-corporate-tax-registration).

**Dubai is all-set to introduce the Bugatti Residences!**

Bugatti has recently paired up with the UAE-based developer, Binghatti Properties to create the world’s first and finest, Bugatti Residences! This upcoming project will be focused on the French lifestyle that would be brought to Dubai through Bugatti Residences, it would be centred on interesting experiences, lavish parties, scrumptious foods, and the daily celebrity spotting. 

So, If you’re planning to buy an apartment in Dubai off-plan, then this one’s definitely worth keeping on your radar. And, if you’re keen to read further, [we’ve got all the details](https://www.allsoppandallsopp.com/dubai/about-us/news-videos/900-Planning-to-buy-an-apartment?-Dubai-is-set-to-introduce-the-all-new-Bugatti-Residences!)!

**Dubai property market sees AED 2bn sales on Monday!**

If you thought the property market had slowed down after April, we think not! 

May has begun picking up and on Monday alone, we saw AED 2 billion worth of property sales transactions. The deals included 638 property sales, 116 mortgage deals, and 17 gift deals. 

How impressive is that? If you’re keen to hear more - Tune into Katch up with Kash on Instagram! 

<u>**Company Updates**</u>

**Paul Kelly breaks down the April report!**

Operations Director; Paul Kelly at Allsopp & Allsopp sat with Dubai Eye on their business breakfast to discuss all things April. 

He broke down all the details about how April performed, the dip we’ve seen in the market for the first time since June 2022, and the rising need for commercial developments! 

**Property Finders’ SheForShe mentorship program selects Safinaz Commons as a mentee!**

Property Finder has launched a brand-new mentorship program to champion gender-equality in the real estate industry - SheForShe, which is led by fellow female leaders in the region who would select ten mentees to mentor and shape into the future of Dubai’s real estate market.

Allsopp & Allsopp’s very own: Safinaz Commons, who’s a property consultant has been selected as a mentee for this six-month program. 

[Take a read](https://www.allsoppandallsopp.com/dubai/about-us/news-videos/903-Property-Finder-champions-gender-equality-with-SheForShe-mentorship-program-and-selects-Safinaz-Commons-from-Allsopp-&-Allsopp-as-a-mentee!), if you’re keen to know more!

**The Pointe is set to go into redevelopment and here’s what Peter Townsend has to say!**

In case you missed it, Nakheel has announced that The Pointe on the Palm is set to go into redevelopment and Senior Property Consultant; Peter Townsend spoke to The National to share his opinion. 

_“If this was redeveloped as villas or apartments they would command a premium unlike any we have seen so far. The land could be among the most valuable on the Palm, either side of The Pointe has some of the most exclusive villas in Dubai.”_

_There were several ways the land could be redeveloped to Nakheel’s advantage, he added.
“It could be plausible for this prime location – with some of the best views on the Palm – to be relaunched as residential,”_ he said.

Keen to read the full interview? [Take a look](https://www.thenationalnews.com/uae/2023/05/17/tenants-served-notice-as-palm-jumeriahs-the-pointe-tipped-for-redevelopment/)!

**Take a look at this one-of-a-kind three-bedroom apartment in The Views!**

![a0O4S000000y5gKUAQ_m_DSC01963.jpg](https://strapiallsopp.s3.eu-west-1.amazonaws.com/a0_O4_S000000y5g_KUAQ_m_DSC_01963_40068d92f7.jpg)

This apartment has been fully upgraded throughout with a fully fitted kitchen and wine cellar, modern finishes throughout and of course this incredible view.

Want to take a look around?

☎️ [Sophie Lavers +971 52 641 0035](https://api.whatsapp.com/send?phone=971526410035&text=Hi!%20I%27d%20like%20to%20know%20more%20about%20this%20property%0Ahttps%3A%2F%2Fwww.allsoppandallsopp.com%2Fdubai%2Fproperty%2Fsales%2Fdubai-L-202088)






Dubai's Weekly News Snapshot: The Ampersand 19-05-2023


### The Dubai property market saw a dip in total sales transactions and sales value during April. However, year-on-year sales transactions remained 46% higher than April 2022, and total sales value was also 16% higher than this time last year.

Several external factors contributed to the dip, including the Ramadan, EID, and Easter holidays. This led to fewer new properties coming to market, a drop in property sales viewings and less new sales transactions registered by the Dubai Land Department.

Despite the wider slowdown, Allsopp & Allsopp saw encouraging results across Villa/Townhouse sales in key residential areas, which grew 16.4% month-on-month, and new client registrations up 12.6%

If you are a prospective buyer, seller, landlord or tenant and would like to know more, click on the link below to view the full Allsopp & Allsopp Dubai Real Estate Market Snapshot for April 2023
<br/>
<br/>
<a target="_blank" href="https://strapiallsopp.s3.eu-west-1.amazonaws.com/Allsopp_and_Allsopp_April_Snapshot_f9c3df60e5.pdf?updated_at=2023-05-16T10:24:11.647Z" style="text-decoration: none!important;"><button class="subscribe mx-auto" style="color:#fff !important;display:flex;"><span style="color:#fff !important;">View the report here</span> </button></a> 
<br/>
For press and media inquiries, please contact:
<br/>
**Aline Pereira**
<br/>
Head of PR & Communications
<br/>
Email: aline@allsoppandallsopp.com
<br/>
Phone: +971 4 429 4444
<br/>
Mobile: +971 52 283 3285

Website Image (1).png

The Dubai property market snapshot for April 2023 is LIVE!



**Want to transform your life? Uncover the secrets to success**

<iframe width="560" height="315" src="https://www.youtube.com/embed/rk5K-isKKf8" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>

On this week’s episode of Taking Care of Business, COO; Carl Allsopp sits down with a special guest - Chris Bowman; founder of Elite Sports Performance. They discuss all things high performance, what it takes to stay ahead in life and what are the key factors to staying consistent in high performance training. 

Tune into Taking Care of Business to hear all this and more.

<u>**News that caught our attention this week:**</u>

**Dubai announces the world’s largest ocean restoration and ecotourism project, Dubai Reefs**

Dubai Reefs is an artificial reef and a sustainable floating community that would be dedicated to marine research, regeneration and ecotourism. The goal behind this is to work towards greater protection of the marine and coastal environment of Dubai. It will also include residential complexes, retail outlets, eco-lodges, wave farms and ocean farming.

This artificial reef would cover over 200 square metres and this reef will be home to over 1 billion corals and 100 million mangroves. 

Interested to know more? [We’ve got the whole scoop](https://www.allsoppandallsopp.com/dubai/about-us/news-videos/888-Dubai-announces-the-world%E2%80%99s-largest-ocean-restoration-and-ecotourism-project,-Dubai-Reefs-)!

**Al Habtoor Group announces the development of Dubai’s tallest residential tower!**

Dubai already holds a record for the world’s tallest tower and Al Habtoor Group plans to beat that with another record breaker - The world’s tallest residential tower. It will be built on Sheikh Zayed Road overlooking the Burj Khalifa and Downtown area. 

The tower comprises 1,701 keys, 81 floors and total square footage of  3.5 million! This ultra-luxurious property will also have excellent amenities and is due to be completed in 36 months - which looks like mid-2026!

Exciting, right?

**Emirates Airlines announces three new destinations for premium economy flyers!**

If you are a frequent flyer with Emirates or are one for luxury travelling, Emirates has recently added three more destinations to their flying chart which would include the Premium Economy cabin. The three new destinations are Singapore, San Francisco and Houston. 

Premium Economy cabins are spacious reclining chairs, with an extended foot-rest, large storage space and a 13.5 inch television which has over 5,000 entertainment channels. They also have six different adjustable headrests, a large side table, different charging ports and flyers will have a separate check-in station at Dubai International Airport.

Keen to know more? [Take a read](https://www.allsoppandallsopp.com/dubai/about-us/news-videos/887-Travel-in-style%3A-Emirates-announces-three-new-travel-destinations-for-Premium-Economy-travellers!-)!

**Dubai’s new one-mission work visa - How does it work?**

In case you missed it, Dubai has announced a temporary work visa for foreign business travellers to come into the city and work. This visa is applicable for 90-days and gives foreign travellers the ease to come in and out of the city for the duration of one-mission or one project course. 

Recently, many have been scratching their heads wondering how they can apply for this visa, if you are keen to know - [we’ve broken it down for you](https://www.allsoppandallsopp.com/dubai/about-us/news-videos/889-UAE-Visa:-How-can-you-secure-the-one-mission-work-visa-in-Dubai?)!

<u>**Company Updates**</u>

**Allsopp & Allsopp launches a comparable data insight for all listings**

Allsopp & Allsopp has recently partnered with Property Monitor to create a [comparable data insight](https://www.allsoppandallsopp.com/dubai/about-us/news-videos/893-Allsopp-&-Allsopp-launches-a-comparable-data-insight-for-all-listings) channel below every listing on the website. This channel would provide key insights on the market, and other properties sold or rented nearby. 

This applies to lettings, sales and commercial properties listed with the company and helps give a great overview to future buyers/investors and tenants.

This feature also provides you with a price trend and unit volume of that area - and it can also share a detailed analysis! How great is that? [Take a read if you’d like to know more](https://www.allsoppandallsopp.com/dubai/about-us/news-videos/893-Allsopp-&-Allsopp-launches-a-comparable-data-insight-for-all-listings)!

Interested to check it out? Take a look at some of our [live listings](https://www.allsoppandallsopp.com/dubai/properties/residential/sales) to check out this cool feature.

**Check out this extended four-bedroom villa in the heart of Jumeirah Islands!**

![a0O4S0000010P9FUAU_m_DSC02961.jpg](https://strapiallsopp.s3.eu-west-1.amazonaws.com/a0_O4_S0000010_P9_FUAU_m_DSC_02961_0779c4a382.jpg)

This magnificent property offers spacious open-plan living areas, luxurious en suite bedrooms, a delightful outdoor dining area, and a private pool for your ultimate relaxation and enjoyment.

Interested? Get in touch with ☎️ [Jamal Tuzgani +971563502693⁠](https://api.whatsapp.com/send?phone=971585893404&text=%0A)


Dubai's Weekly News Snapshot: The Ampersand 12-05-2023


### This past Wednesday the 3rd of may 2023 Carl and Lewis Allsopp came back to one more episode of Taking Care of Business this time, LIVE! Lewis and Carl invited the audience to take part by sending questions related to the real estate industry which they answered live.
<br/>

<iframe width="560" height="315" src="https://www.youtube.com/embed/N11byj81pnA" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>

Listen in to know all this and more on Taking Care of Business, every Friday!

## News that caught our attention this week:
<br/>

#### US Federal Reserve announces new rate-hike and promises pause.

The recent announcement by the US Federal Reserve to pause further interest rate hikes will bring relief to businesses and consumers in the UAE. The move by the US central bank is expected to have a positive impact on the country's economy, as it will help to keep borrowing costs low and stimulate growth. This news comes as good news for the UAE, which is trying to recover from the economic fallout of the pandemic. With the US Federal Reserve signaling that it will maintain an accommodative monetary policy, businesses and consumers in the UAE can expect to see lower interest rates and increased access to credit, which should help to support economic growth in the months ahead. 

Source:  Arabian Business 

#### Emirates-Etihad deal: You can now fly to Dubai and return via Abu Dhabi on one ticket

Etihad Airways and Emirates are set to offer their passengers the ability to fly on the same ticket at no additional cost. This move is part of a new partnership between the two UAE-based airlines and is aimed at providing greater convenience and flexibility to customers. Under the new agreement, passengers will be able to book connecting flights on both airlines through either company's website, call center, or travel agents. This means that travelers will be able to take advantage of the extensive route networks offered by both airlines without having to pay extra for separate tickets. The partnership is expected to benefit both airlines by increasing their customer base and driving more traffic to their respective hubs in Abu Dhabi and Dubai.

Source: The National

#### A.I. Godfather steps down to take a more advisory role 

Geoffrey Hinton, a renowned computer scientist and pioneer of artificial intelligence, has resigned from his position at Google and is now warning about the dangers of machine learning. Hinton, who is often referred to as the "godfather of AI," was one of the key architects of the deep learning algorithms that underpin many of today's most advanced AI systems. In a recent interview, Hinton expressed concern about the increasing use of machine learning in fields such as finance, law enforcement, and healthcare, warning that these systems can be biased, unreliable, and even dangerous in some cases. Hinton believes that the solution to these problems lies in developing more advanced AI systems that can reason, understand, and learn in a more human-like way. Despite his concerns, Hinton remains optimistic about the future of AI and believes that with the right research and development, these technologies can be used to solve some of the world's most pressing problems.

Source: The Guardian 

#### Company Updates:

This week, Esquire Magazine in partnership with Allsopp & Allsopp released their May cover shoot with mega star Idriss Elba and Sabrina Elba in the stunning AMAIA the ultra-luxury development of Al Barari that marks the end of an era for villa developments for Al Barari.

The shoot happened earlier this year and we all have been eager to share the results of this brilliant partnership between Allsopp & Allsopp and Esquire Magazine. To read more about this check out the full article here. 

For further details or to arrange a viewing appointment please contact our Head Office on +9714294444, alternatively visit our [website](https://amaia-dubai.com/ ).

Please call Charlie King on +971 52 842 7032 for more information or to arrange a viewing on AMAIA.


Dubai's Weekly News Snapshot: The Ampersand 05-05-2023


This week’s quarter-point increase in the US Federal Reserve's interest rate has direct implications to the housing market in Dubai. Historically, mortgage rates in Dubai are tied to the US Federal Reserve's interest rate policy, and therefore the recent rate hike is expected to impact the local mortgage market Dubai has been showing signs of stability.

The norm is, when interest rates go up, the purchasing power of borrowers in the market goes down. Despite higher interest rates translating to higher monthly mortgage payments which automatically makes it difficult for borrowers to qualify for a loan and afford a home, just over 80% of the properties purchase seen in Dubai in this past quarter are the ones ranging from 1 to 3 million AED which are typically entry-level properties, the ones that rely on financing the most.

These are encouraging signs that the Dubai housing market is indeed well stabilized. Property transactions in Dubai increased by 5.5% in the first quarter of 2023 compared to the same period in the previous year, according to data from the Dubai Land Department. Moreover the mortgage value in the month of April, for example, was 40.7% up in comparison to this same period in 2022 totalling a 10.8 Billion AED in value showing a significant increase year on year which translates to nothing but faith in the market. This suggests that demand for property in Dubai remains strong, despite rising interest rates. 

Reports do indicate that the Fed does intend to pause its rate hikes which can be only seen as further positive news allowing the interest for the already on demand property market to further develop itself and meet the 2040 plan of population increase. With cash buyers still making the headlines of big transaction volumes in the media, it is encouraging to see that despite global turmoil and changes in mortgage rates the trust deposited by the entry level buyer deposited in the Dubai real estate market remains strong change after change. 


pexels-kindel-media-7579042.jpg

Despite constant rate rises, mortgage transactions make up 80% of the total transactions in Dubai this year, signaling a stabilized market.

### This past Wednesday the 3rd of May 2023 Carl and Lewis Allsopp came back to one more episode of Taking Care of Business this time LIVE! Lewis and Carl invited the audience to take part by sending questions related to the real estate industry which they answered live.

One of the first questions asked was regarding advice for first-time buyers in Dubai. Carl Allsopp advised individuals to plan and save for their deposit, which should ideally be 20% of the property value.Lewis emphasized the importance of selecting a reputable developer when investing in off-plan properties, along with checking the payment plan and community development around the homes being purchased.

When asked what they have done differently compared to other firms to achieve success, Carl took the leap to reply and mention their focus on process-driven companies and hiring the best people. They highlighted the importance of recognizing weaknesses and constantly improving upon them.

Another question focused on support provided by realtors to close sales in Dubai. Lewis emphasized their company's consistent and trustworthy reputation, ensuring that anyone who works with them knows what they are doing. Carl encouraged individuals to remain focused on their own company and not be distracted by competition.

Regarding the Dubai real estate market's future, Carl and Lewis betted continued growth of 8-9% due to Dubai's unique position as a safe and attractive holiday destination with quality living. However, Lewis once again touched on the issue of undersupply putting pressure on rental and property prices.

Carl & Lewis were also asked about hiring and retaining new agents. Carl mentioned that hiring and training freshers is their specialty, and they love supporting individuals to achieve their success. There was also a question regarding the best off-plan area to invest under AED 3 million, and the experts suggested Tilal Al Ghaf due to its location and facilities.

Flipping properties was another topic of discussion, with Carl advising against having a short-term flipping mindset and instead encouraging long-term investments. They suggested that Jumeirah Islands is an excellent area to invest in as villas worth AED 10 million can potentially be turned into AED 20 million.

Another question focused on investing, choosing the best areas to invest in properties, to which they emphasized the importance of selecting a reputable developer and checking the payment plan and community development around the homes being purchased.

Finally, Lewis and Carl were asked how individuals could ensure they were investing in quality real estate when buying off-plan properties. They suggested that selecting a reputable developer was key, along with checking the payment plan and community development around the homes being purchased.

This was the first live Taking Care of Business of many and the next is already being planned. Which departments from Allsopp & Allsopp would you like to see on our next live podcast? The options are: Agents stories, Mortgages, Home maintenance, or marketing? Head to our [Linkedin](https://www.linkedin.com/posts/allsopp-%26-allsopp_which-departments-from-allsopp-allsopp-activity-7059828365314113536-l-SO/) page to help us choose the next topic!


YOUTUBE COVER.jpg

Podcast: Taking Care of Business LIVE! 


### If you're looking for an affordable home in Dubai, Expo City is quickly becoming the place to be. Giving more established areas, like Jumeirah Village Circle and Al Furjan, a run for their money.
[The Mangrove Residences at Expo City](https://www.allsoppandallsopp.com/dubai/buyers/off-plan/mangrove-residences), are offering one-bedrooms between Dh1.39-Dh1.59 million, and two-bedrooms for Dh2.05 million to Dh2.55 million. 
Plus, as a buyer you can also take advantage of a seven-year payment plan, with five years being post-handover.

Expo City is being heavily hotlisted as the newest place to live and work in Dubai. The Mangrove Residences are just the beginning, and future releases will likely see even more premium added!
The off plan launches are all being done in phases and according to Ahmed Al Khatib, Chief Development and Delivery Officer of Expo City Dubai, the payment plans are set to be quite affordable. 
Buyers only need to pay 50% of the cost before handover, with the remaining amount paid over the next five years.

With all this attention on Expo City, the wider Dubai South area also seems to be benefiting, with a new hub of residential developments on the horizon! All with a wide range of offerings, for both investors and end-users.

Exciting times ahead!

Should you have any questions about this and other off plan projects contact the [off-plan team here](https://www.allsoppandallsopp.com/dubai/buyers/off-plan ). 


saher-suthriwala-W8-jT150wsU-unsplash.jpg

Affordable real estate: Is Expo City Dubai’s latest affordable neighborhood?

## Welcome to the Allsopp & Allsopp Q1 2023 Review.
<br/>

I'll keep this short as everyone has heard how well the Dubai real estate market has performed and the excellent returns it has provided buyers and sellers alike in recent months, but wow!
<br/>

As Dubai Land Department recorded its highest-ever quarterly records for sales transaction volumes and value, we also saw this on-ground with new highs set for new client registrations and property viewing requests and online, with organic traffic to our website up over 80%, resulting in four potential buyers for every property we listed in Q1!
<br/>

This report aims to provide a clear breakdown and analysis of the Dubai real estate market activity in Q1 and adds granular insights from our proprietary Allsopp & Allsopp data. We deep dive into sales, lettings, and off-plan trends and aim to provide buyers, sellers, landlords and tenants alike actionable data to make better-informed property choices.
<br/>

**Lewis Allsopp, CEO of Allsopp & Allsopp**
<br/>

To view the Allsopp & Allsopp Q1 2023 Dubai Real Estate Market Snapshot click the button below:
<br/>

<a target="_blank" href="https://strapiallsopp.s3.eu-west-1.amazonaws.com/Allsopp_and_Allsopp_Q1_Market_Snapshot_59f4df17b2.pdf?updated_at=2023-04-17T07:06:36.405Z" style="text-decoration: none!important;"><button class="subscribe mx-auto" style="color:#fff !important;display:flex;"><span style="color:#fff !important;">View the report here</span> </button></a> 



<br/>
For press and media inquiries, please contact:
<br/>
Aline Pereira
<br/>
Head of PR & Communications
<br/>
Email: aline@allsoppandallsopp.com
<br/>
Phone: +971 4 429 4444
<br/>
Mobile: +971 52 283 3285

Website Image.png

Welcome to the Allsopp & Allsopp Q1 2023 Review.

## Buyers, sellers, landlords, and tenants, this is the report you need to assess the Dubai real estate market performance throughout February 2023.

<br/>
As we race towards the end of Q1 2023, the Dubai real estate market continues to fly, with results exceeding even my optimistic forecast coming off a record year for Dubai real estate in 2022.
<br/>
<br/>
While I foresee an extremely positive outlook for Dubai real estate brokers, owners and investors, tenants will continue to feel the strain as rents in high-demand residential areas continue to rise, making homeownership more attractive than ever to many first-time buyers.
<br/>
We have seen this trend first-hand through our company data, with a staggering 109% increase in year-on-year new client registrations and an insatiable appetite from resident and overseas investors' interest in off-plan and ready secondary properties. 
<br/>
<br/>

**Lewis Allsopp, CEO of Allsopp & Allsopp.**

<br/>
To view the Allsopp & Allsopp February 2023 Dubai Real Estate Market Snapshot click the link below:
<br/>
<br/>

<a target="_blank" href="https://strapiallsopp.s3.eu-west-1.amazonaws.com/Allsopp_and_Allsopp_February_Market_Snapshot_compressed_43a3802830.pdf?updated_at=2023-03-06T11:36:15.674Z" style="text-decoration: none!important;"><button class="subscribe mx-auto" style="color:#fff !important;display:flex;"><span style="color:#fff !important;">View the report here</span> </button></a> 



<br/>
For press and media inquiries, please contact:
<br/>
Aline Pereira
<br/>
Head of PR & Communications
<br/>
Email: aline@allsoppandallsopp.com
<br/>
Phone: +971 4 429 4444
<br/>
Mobile: +971 52 283 3285

Website_Feb snapshot.jpg

Allsopp & Allsopp: February 2023 Dubai Real Estate Market Snapshot


# Allsopp & Allsopp is pleased to announce the release of our January 2023 Dubai Real Estate Market Snapshot.
<br/>
January 2023 was a record-breaking month for Dubai Land Department and Allsopp & Allsopp, with sales transaction volume and value surpassing all previous January totals.
<br/>
<br/>
“Our teams saw tremendous growth across key business indicators, with new client registrations, property viewings, and new property listings, up month-on-month vs Dec 2022. The continued growth follows our 2022 year-end prediction, as undersupply of readily available property struggles to keep up with an insatiable demand from resident end-users and investors alike.”
<br/>
<br/>

**Lewis Allsopp, CEO of Allsopp & Allsopp.**

<br/>
To find out more, check out the Allsopp & Allsopp January 2023 Dubai Real Estate Market Snapshot, now available at the link below:
<br/>
<br/>

<a target="_blank" href="https://strapiallsopp.s3.eu-west-1.amazonaws.com/Allsopp_and_Allsopp_January_Dubai_Real_Estate_Market_Snapshot_13052e52df.pdf?updated_at=2023-02-14T12:44:09.631Z" style="text-decoration: none!important;"><button class="subscribe mx-auto" style="color:#fff !important;display:flex;"><span style="color:#fff !important;">Download the report here</span> </button></a> 



<br/>
For press and media inquiries, please contact:
<br/>
Aline Pereira
<br/>
Head of PR & Communications
<br/>
Email: aline@allsoppandallsopp.com
<br/>
Phone: +971 4 429 4444
<br/>
Mobile: +971 52 283 3285

Cover_Website.jpg

January 2023 Real Estate Market Snapshot

<a target="_blank" href="https://strapiallsopp.s3.eu-west-1.amazonaws.com/Allsopp_and_Allsopp_Annual_Property_Market_Report_2022_cf47662c29.pdf?updated_at=2023-01-13T07:07:16.817Z" style="text-decoration: none!important;"><button class="subscribe mx-auto" style="color:#fff !important;display:flex;"><span style="color:#fff !important;">Download the report here</span> </button></a> 

![Message-from-the-CEO.png](https://strapiallsopp.s3.eu-west-1.amazonaws.com/Message_from_the_CEO_0a8e699632.png)
<a target="_blank" href="https://strapiallsopp.s3.eu-west-1.amazonaws.com/Allsopp_and_Allsopp_Annual_Property_Market_Report_2022_cf47662c29.pdf?updated_at=2023-01-13T07:07:16.817Z" style="text-decoration: none!important;"><button class="subscribe mx-auto" style="color:#fff !important;display:flex;"><span style="color:#fff !important;">Download the report here</span> </button></a>

<br/>
For press and media inquiries, please contact:
<br/>
Aline Pereira
<br/>
Head of PR & Communications
<br/>
Email: aline@allsoppandallsopp.com
<br/>
Phone: +971 4 429 4444
<br/>
Mobile: +971 52 283 3285

Report-Cover.png

Welcome to the 2022 Allsopp & Allsopp 2022 Annual Property Market Report

In this week’s episode of Taking Care of Business, CEO Lewis Allsopp and COO Carl Allsopp sit with Allsopp & Allsopp’s Head of Mortgages, Stuart Roe to discuss in detail rising interest rates, and why Dubai is still in an attractive offering for mortgages despite this years market changes.

Ep. 64 YT Cover.jpg

Mortgages in Dubai, an important update

![A&A_MonthlyReport_September2022_ForWebsite_v8.jpg](https://strapiallsopp.s3.eu-west-1.amazonaws.com/A_and_A_Monthly_Report_September2022_For_Website_v8_bb2e605d23.jpg)

September Report_Thumbnail_Thumbnail.png

September 2022 Dubai Real Estate Market Snapshot

In this week's episode of Taking Care of Business, Operations Director Paul Kelly and General Manager Marc Walters explain the new changes that have taken effect across the Dubai Real Estate Market. One of these being that owners can now only list their properties for sale with a maximum of 3 brokers, however, Paul and Marc explain the substantial benefits of going even further, and listing with just one.

YT Cover_1.jpg

New Changes to the Dubai Real Estate Market

In this episode of Taking Care of Business, CEO Lewis Allsopp and COO Carl Allsopp share 14 business lessons that the pair have learned from 14 years since founding Allsopp & Allsopp back in 2008. They also discuss personal lessons that have shaped the two of them, and Allsopp & Allsopp as a company over the years.

Ep_59_YT.jpeg

14 Business Lessons for 14 Years in Business.

<p>Overseas and intrigued about investing in Dubai? We've got you. Here's how you can do so.</p>
<p>To find out more, reach out to:<br />Lee Weston on +971 58 577 8542 or click here to send a Whatsapp message: <a href="https://wa.link/fomxd9">https://wa.link/fomxd9</a><br />Amy Dixon on +971 58 545 7183 or click here to send a Whatsapp message: <a href="https://wa.link/zbl7v5">https://wa.link/zbl7v5</a></p>

Investment_in_Dubai.jpeg

Thinking of buying in Dubai even though you're not a resident? We've got the answers you need 

In this week’s episode of Taking Care of Business, CEO Lewis Allsopp and COO Carl Allsopp start off by celebrating Allsopp & Allsopp’s 14 year anniversary which happened this week! They then take a look into data from The Dubai Land Department and Allsopp & Allsopp for August, to give you the most comprehensive report on the current market conditions.



EP_57.jpg

What happened this August in the Dubai Real Estate Market? 

![AA MonthlyReport August2022 ForWebsite](https://strapiallsopp.s3.eu-west-1.amazonaws.com/AA_Monthly_Report_August2022_For_Website_bf4ac9de79.jpg)


Looking for mortgage rates? [Click Here](dubai/mortgages)
---------------------------------------------------------



August_Report_Thumbnail.jpg

 August 2022 Dubai Real Estate Market Snapshot

You begin your search to buy your dream home by browsing online through property portals at houses for sale in your favourite areas of Dubai - this, of course, is a good starting point, however, are you looking within your budget?


Buying a house in Dubai can be exciting and as you scroll through properties available on property portals, you must keep in mind that before you get too ahead of yourself, a mortgage pre-approval is needed! 



In today’s real estate market in Dubai, properties are selling fast and there is a lot of competition out there for buyers. Viewing properties before you’ve had a conversation with your bank can set buyers up for disappointment - especially now that the interest rates are increasing! Right niw the lowest fixed rate starts from 2.43% with the floating margin starting at 1.75%. The lowest fixed rate in December started from 2.09%



The importance of securing a mortgage pre-approval before beginning the search to buy a property is imperative. Even if it may seem premature wouldn’t you like to know exactly how much money you have to play with and not get your hopes up by looking in areas well above your budget, or perhaps the opposite – you have a larger budget than you first thought.


**Benefits of getting a pre-approval at the beginning of your property search**


The benefits of a pre-approval are undoubtedly endless and essential for home hunters. If you already have a pre-approval in place you know your affordability when beginning your property search. You have a solid knowledge in place of what fees are expected upfront and be clear on how much cash you will need to complete a transaction.  Additionally, you will know how much your monthly repayments will be thus giving you the confidence when communicating with agents and negotiating with sellers. 


As well as this, when the right property comes along, you are in the best possible position to make an offer. You are ready to take the next step and avoid lengthy delays if you were to then approach a bank to start the pre-approval process.


The advantages of a pre-approval are also of much benefit to sellers. A seller will appreciate the readiness of the buyer when an offer with a pre-approval is presented. If you are a seller you don’t only look to get the best price for your property but want to make the process of selling as simple as possible for yourself and the buyer. A buyer with a pre-approved mortgage is ideally the perfect patron for you. 


As a buyer, you save yourself the heartache when you find your dream home only to lose it because you didn’t have a mortgage pre-approval in place at the time of placing an offer.   


Taking out a bank loan is a very big decision and often one that comes with apprehension and stress.  Team this up with the decision of which property to buy, which area to buy it in and how much to spend is a massive life event and generally the biggest life decision you will make.


So many buyers make the mistake of viewing and offering on a property without having a pre-approved mortgage in place. This only leads to delays and a seller not taking the offer seriously and ultimately ends in a competitive buyer purchasing the property.



**Benefits of you using a mortgage broker**


In order to get the best advice when making such a paramount decision, it is advisable to go through a mortgage broker. They have a wealth of knowledge, experience and are on hand to guide you through the process. They are also up to date with changes in interest rates with banks across the country and have upto date information about changes that are made and coming into play. 


To most people, two of the most valuable things in life are time and money, luckily by using a mortgage broker you can save on both! A good mortgage broker can potentially save you thousands in upfront costs and much more over the duration of the loan by investing time in you to pin point your needs and how best to suit them.”


As a result of the vast amount of business mortgage brokers put through the banks they have access to certain products and services which can save you a lot of money, including offers of zero processing fees with select banks and even reduced interest rates. 


A highly professional mortgage broker will speak to all the banks across the market on your behalf. If you were to go directly to the bank, they will only offer you their services, which might not be the best for you, resulting in you to trailing around different banks to find the best option. 


The existing relationships that the mortgage broker has built over time with the banks is extremely valuable when negotiating the best deal for you. They aim to make the process as hassle free and relaxed as possible.


Getting the pre-approval is only the first step in the mortgage process and there are plenty of hiccups that can occur along the way. Whether it could be amendments to a banks terms and conditions, a low valuation that needs to be challenged, a non-resident seller with no bank


account, troubles involving the NOC, liability letters expiring, or a multitude of other potential obstacles a mortgage broker will work closely with their in-house sales progression team to guide you through the entire experience and make sure your interests are protected at all times



Mortgage_Importance.jpg

The Importance of a mortgage pre-approval in Dubai’s real estate market 

The UAE Central Bank’s move to raise rates will affect mortgage loans. For example; for every AED 1M borrowed, the increase in payment annually will be approximately AED 160 per 0.25% increase. If mortgage rates increase seven times this year, that's an increase of  AED 1,160 per AED1M borrowed - an increase of AED 2,320 for an AED 2M loan, so on and so forth. Luxury, high-end property buyers with loans upward of AED 7M, will be most impacted, which in turn may impact the upper end of the Dubai property market.


I predict we will see an increase in demand across the market as buyers look to speed up their buying process to lock their mortgage product, and therefore their monthly payments, in place now, before they increase. 


People who are sitting on the sidelines, or maybe thinking to purchase a property later in the year, may now come into the market sooner rather than later.



Ainslies_Blog_-_Interest_Rates_thumbnail.jpg

An increase in interest rates

From the latest Federal Reserve meeting, we have learned that interest rates are not set to rise until at least 2024 and as the dollar is pegged to the Dirham, this will have an impact on lending here in the UAE. We know that interest rates are based on what happens in the economy, and the US will have milestones they want to hit in many areas, including employment and inflation. Once we see positive changes in these factors we’ll likely see a gradual rise in rates.


Whilst interest rates remain low, we predict we will continue to see increased spending in the real estate sector along with a rise in commercial lending for businesses looking to expand and capitalise on the new opportunities arising from the Covid-19 pandemic. As a result, we predict to see an increase in investors looking to build their property portfolio as rates should come down to around 3.5-4% rather than above 5-6% as seen previously. We could also see more businesses taking advantage of these interest rates and using the opportunity to buy their own offices and increase their asset size rather than renting.


In my opinion, rates will remain low for the next three to five years and this is a time to take advantage of these low margins. As well as the commercial market, the residential secondary resale market for ready properties will continue to rise as people take advantage of these rates and get mortgages paid down while the rates remain low. It has never been a better time to borrow money against a property in the UAE.



Dubai_real_estate_market_march_21.jpg

What the latest Federal Reserve Meeting outcome means for the Dubai Real Estate Market

As we entered 2020, we came in with lots of pipeline and many clients to speak to after having a lot of enquiries towards the end of 2019. For the first quarter of the year we were already seeing increased activity in the market and then Covid-19 hit. We didn’t do any less business as a result of the pandemic to begin with, in fact, in March 2020, I had my record month since being in the mortgage industry in Dubai for the past fifteen years. However, as lockdown hit, things got difficult. During lockdown, people still wanted to buy properties but transactions were being held up as banks adapted to their new work from home regimes. This had a knock on effect on property deals as a whole and not only on mortgages. With pre-approvals being held up, contracts were expiring and putting both buyer and seller back to square one. We were still keeping busy because of the number of enquiries that were coming through from buyers so, fortunately, the team didn’t stop - processes were certainly slower than before but we still had the ability to reach out to our clients and have initial conversations. 


As Dubai slowly moved out of lockdown, no one was to know what was going to happen with the property market - we were headed into the great unknown but the government was quick to add stimulus by introducing lower interest rates and increasing the loan to value (LTV). I believe these were a staple in the success of the property market and we were soon to see prices rising in certain communities across Dubai. However, we saw certain industries struggle; aviation, events, hospitality and even banks were letting people go and most industries were issuing reductions in salary - all of the above having a huge impact on the ability to get a mortgage for many potential buyers. Allsopp & Allsopp were receiving mortgage enquiries from buyers but it boiled down to whether or not they would be eligible for a pre-approval as banks were emerging from lockdown very cautiously. Many banks tightened their credit checks for mortgage pre-approval and then went back to buyers' employers before issuing final approval to check if there had been any changes in salary, which, in some cases, there was which led to deals falling apart. It was very difficult to try and hold deals together when we also had to work on our pipeline and contact the influx of enquiries we were getting - a challenging time for mortgage consultants. 


Allsopp & Allsopp mortgage transactions were up 38% in 2020 compared to 2019 and had a 16% increase in first-time buyers from Q1 of 2020 compared to the rest of the year despite the pandemic and the lockdown and I believe this is down to the lower interest rates and higher LTV introduced by the government. People who had no problems with salary were finding themselves in a position to buy and with property prices being as low as they were in 2008, they were making the first step onto the property ladder. For example, in 2019 a property could be worth AED 2.5 Million with a down payment of 33% at AED 800,000, but in 2020 the same property could be purchased for AED 1.9 Million with a down payment of 22% at AED 400,000. Not only was it a lot cheaper, but clients were also paying less in upfront costs. This has led to a sudden influx of buyers in certain areas across the city and could be a factor in the increasing property prices. Allsopp & Allsopp reported an 8% increase in property prices across Dubai. 


In my fifteen years in the mortgage industry in Dubai, I have found that the real estate market follows a herd mentality. Once one person buys and talks about it, they get other people thinking the same and leading to them buying a property themselves, and so on. When it comes to investing money, with the pandemic still very much around, people feel safer putting their money into bricks and mortar - something they can benefit from by living in or renting out but ultimately, something they can physically see and touch. There are a lot of people still waiting to buy when the market price reaches the bottom - I always tell my client not to wait, but instead, to buy when the market is on the way down. If they wait, they’ll miss the bottom and before they know it, the prices are heading back up. We have seen this in certain communities in Dubai towards the end of the year! 


During the latter quarters of 2020, we did notice a lot more investors - Chinese investors in particular, enquiring about purchasing property in Dubai and looking into their finance options. In my opinion, as we move into 2021 and beyond, I think that more finance packages need to become available for overseas investors. The end-user market has benefited hugely from the stimulus package introduced by the government last year, I think it is now time to look into encouraging investors further and an attractive finance option to buy a home in Dubai would have an extensive effect on the property market and the city's economy. 



Mortgage-Transaction-web-thumbnail.jpg

Allsopp & Allsopp mortgage transactions up 38% in 2020 despite city-wide lockdown - here’s why

Buying a house is an emotional experience, throw in a foreign country with foreign processes and you have a stressful situation bubbling. 


It is so imperative to do due diligence before making one of the biggest investments of your life. You want to be approaching this life milestone full of confidence, excitement and a sense of conviction for the task in hand. 


It is advisable to get professional help from a trusted independent mortgage advisor who can aid you through the entire process from start to finish. The biggest commodities of life are time and money. Mortgage advisors can save you both! Mortgage advisors can often get exclusive rates which would not be available if you were to approach the bank directly. They will shop around a number of banks to find you the best option that fits your requirements saving you time. 


Before having a discussion with your mortgage advisor, it is important you know what you are able to borrow in the UAE.  If you are buying your first property as an expat for under AED 5M you can borrow up to 80% of the property value. If you are buying a property worth over AED 5M you can borrow up to 70% of the property value. For a UAE National the borrowing value is slightly higher; buying a property under AED 5M Nationals can borrow up to 85% of the property value and up to 75% of the property value when buying over AED5M. 


**Step 1 - Consultation**


After doing your own research and having a list of questions ready, it is time to contact a mortgage advisor for an initial consultation. Most advisors offer a free consultation and spend roughly 15 minutes finding out about your financial situation and your needs. During this consultation you should ask any questions you have. 


**Step 2 - Documents**


Once you are happy with your choice of mortgage advisor you need to send them all the documents that are required to start the pre-approval process: 


* Passport copies with visa page visible
* Emirates ID front & back.
* Salary certificate in original format addressed to ‘Whom it May Concern’ for initial approval.
* 6 months payslips if applicable.
* 6 months bank statements (internet copies will be suffice for initial approval)
* Latest credit card statement for all your cards.
* Details of existing liabilities (car loans/personal loans/mortgages).


Your mortgage advisor will go through this with you to make sure all documents fit the criteria before creating your file and completing your application form. Once you are happy with everything, your advisor will start the negotiation process with the banks. It usually takes the bank 2-3 days to get back with their initial queries. 


**Step 3 - Pre-Approval**


After the bank's queries have been addressed the Pre-Approval will be issued. This can take up to 5 working days. It is important to remember that a pre-approval will be valid for 60 days. 


**Step 4 - Final Offer**


You will now have found the home of your dreams and be ready to commit to a mortgage. Your mortgage advisor will need the property documents including the title deed, seller's passport and a floor plan of the property as well as the valuation fee and cheque. They will arrange a valuation conduction with the bank and thereafter it will take 5 working days to complete the final approval. 


**Step 5 - Transfer of Property**


One final step before you are a proud homeowner – the transfer of the property. If the seller of your property has remaining liability, your bank will pay this off and await the release of the original property documents. Your real estate broker or a sales progression team will closely oversee this entire process. Following this, we can proceed to apply for the No Objection Certificate (NOC) from the developer. Once the NOC has been delivered the property can be legally transferred from the seller to you, the buyer. 



First_Time_Mortgage_Guide_Thumbnail_1.jpg

First Time Mortgage Guide 

Stuart Roe, Head of Mortgages talks to The Business Breakfast on dubaieye103fm about the increase in mortgage enquiries and his advice to buyers looking to get into the property market at the moment.



 Your browser does not support the audio element. 




Keeping you up to date with everything that is happening in the Dubai property market.

Services

About

Our Offices