Allsopp & Allsopp Real Estate Broker have recently conducted a survey on the most popular price range of properties sold.
Lewis Allsopp, CEO said: ‘The trends of average purchase prices have changed somewhat, considering the implementation of the mortgage cap a couple of years ago. The property market has evolved where buyers are opting to mortgage their properties, 80% of our buyers finance their property purchase and with the cap requiring a higher deposit above 5,000,000 AED we have found the appetite to buy properties above that price band deteriorate which has resulted in the higher end of the market suffering in terms of pricing.”
Allsopp & Allsopp Real Estate Broker were the winners of ‘Most Leads Received in 2015’ by top property portal Propertyfinder.ae, the survey results will be a disappointment to homeowners with properties about 5,000,000 AED, as only 13% of sales agreed at Allsopp & Allsopp was above 5,000,000 AED. Lewis Allsopp did share some positivity for the upper end of Dubai’s property market:
“The figures do not read well for owners of properties over 4,000,000 AED in terms of the buyer activity, however, should the mortgage cap regulations be eased with buyers being allowed to put less of a deposit down (currently 65% loan to value) we would see more traction.”
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