Positive sales and leasing figures serve as overall market barometer.
Allsopp & Allsopp, Dubai's leading residential real estate firm, is positive about the UAE's real-estate sector, having completed nearly a third more property sales and leasings year-on-year.
The Business Bay-headquartered company, which also offers property management, conveyancing, and mortgage services, alongside sales and leasing, is experiencing growth and higher demand, despite warnings of a market slowdown.
CEO Lewis Allsopp said: “All year long we have been reading and hearing about a slowing in the property market, and rumours of oversupply, but these reports are simply not reflected in the market reality we are experiencing. It might be our longevity in the market, our professionalism, or the trust our clients place in us, but I think it's important to reveal the true facts of Allsopp & Allsopp's business this year.”
Those facts speak for themselves. The award-winning property agent has seen a 29.1% increase in Dubai property sales this year to date, compared to 2016; while the leasing team is proud to report 26.4% more deals in 2017 than in 2016 to date.
Far from a slow down, the period from January to September this year has been busy for Allsopp & Allsopp's 170 staff. There is more than enough market demand for the increased supply of properties coming onto the market.
Allsopp is pragmatic: “Having heard about the quiet market, we felt we ought to look into our own figures. While the figures simply reflect our own levels of good business, we tend to find historically that our own data serves as a useful barometer for the whole of the local market.”
Allsopp notes that over the last few months, investors buying from them have increased from approximately 25 percent to 50 percent, which he is seeing as a good indicator of increased confidence in the market and an optimistic outlook amongst investors for future growth.
The positive outlook looks set to continue, with client registrations dramatically increasing since the start of September, after the summer months. “This is a trend we anticipated after the usually quiet summer months. We usually see a spike in property interest in September. But it is gratifying, given the market rumours, that we will see a strong end to the year.”