Award-winning local real estate firm Allsopp & Allsopp is embracing the new era of a maturing market, recording a high level of sales to those who were previously renting.
The company, which has had a presence in the Emirates since 2008, has seen a meteoric rise to market dominance in its ten years of local business, with 2018 showing no signs of slowing down.
February 2018 saw 80 percent of new property sales coming from those who were previously renting in the Emirate.
Lewis Allsopp, CEO, says: “Dubai’s property market has undoubtedly matured, and will continue to do so. Q1 was a fantastic month for the sale of properties within our portfolio with the team selling more properties this Q1, than any of our previous Q1 results.
“It’s a common trend in other mature markets that people shift from renting to buying. We are seeing some very attractive prices for first-time buyers and investors alike, in communities such as Jumeirah Beach Residence, Jumeirah Village Circle and the growing communities in Dubai South, ahead of Expo 2020.”
He said with increasing market maturity comes stability – and a slowing in new builds has meant a slowing in property supply, minimising price declines over the last few years. “However, it’s hard to generalise in such an exciting, dynamic market - we are seeing a continuing price rise in some areas,” says Allsopp.
Allsopp & Allsopp Mortgage Services helped the influx of Q1 buyers achieve excellent mortgage offers, bringing convenience and clarity to property purchase.
“We are now seeing a clear cycle of ownership, selling and re-buying – another clear sign of a market reaching maturity. Overall, approximately 25% of our sales in Q1 came from clients selling their homes and then buying on again within Dubai.”
The property guru said his professional team is witnessing high levels of interest in buying, even in a fluctuating market.
“Our local and international clientele are definitely showing more confidence in the sustainability of Dubai’s property market. Property project developers are facing stiffer competition, but this will lead to more high-class properties being delivered to market on time. We are extremely positive about the future property pipeline here,” says Allsopp.
British-owned Allsopp & Allsopp operates to international service standards, having won 22 international property awards.
The company has been the number one lead generator on all local online portals like Dubizzle and Propertyfinder.ae in recent years and for the last three years has been the number one sales agent for most properties sold on Dubai Land Department’s broker’s app.