Allsopp & Allsopp sold and transferred a property and then continued to rent it out for the new owner in the space of three days.
Lewis Allsopp, CEO says “We have mentioned the market is moving fast and one of our most recent deals throws clarity on this and also shows investor intent in the city. When a property presents itself to the market at the right price, good quality and offers tenants an attractive place to call home, investors are keen to get the ball rolling and start generating an income from it.”
Allsopp & Allsopp received a call from a seller who was looking to release equity in order to invest in a small business in Dubai and was ready to sell his one bedroom apartment in Sparkle Tower, JLT.
Daniel Perry, Property Consultant says “The seller reached out to me on a Thursday and expressed his interest in selling his apartment as soon as possible to release capital to invest in a small business venture here in Dubai. I knew we had an investor interested in the tower so I gave my colleague, Taylor, a call to arrange a viewing of the apartment with his buyer and expressed the sellers urgency.”
The brokerage has an extensive database of clients who have expressed interest in buying in Dubai. In Q3, Allsopp & Allsopp registered 95% more buyers than Q3 2019.
Taylor, Property Consultant says “I had viewed a couple of apartments in Jumeirah Lake Towers with the buyer and when Dan made me aware of the apartment for sale, I knew it was a great deal and something my client would be interested in and so I arranged a viewing straight away.
We viewed the property on Saturday and submitted the offer which was accepted on the same day. We signed contracts on the Sunday, the property transferred on the Monday and we signed the tenancy agreement on the Tuesday as we had a tenant specifically looking to rent a one bedroom apartment in the tower.”
Allsopp & Allsopp sales progression team work relentlessly on getting properties transferred as quickly and as efficiently as possible and prepare clients in advance by making them aware of what documents are needed for transfer and the exact processes involved.
Jo Murphy, sales progressor says “Luckily I was working with two parties who wanted to move quickly and as the purchaser was paying in cash and the seller had no outstanding loan amount, it enabled us to do so. As soon as I got the sale file, which included both clients' set of documents and the signed contracts, I informed the buyer what payments to prepare and he went to the bank the very next morning and we were able to transfer that same afternoon. Both parties were prepared in advance and were inclined to get the property transferred at the earliest. ”
The buyer bought the one bedroom apartment in Sparkle Tower in JLT for AED 1,100,000 with AED 15,000 in service fees and rented it out for AED 70,000, generating a rental yield of 5%. He instantly started generating an income once he purchased the property.
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