On this week’s episode of Taking Care of Business, the brothers are back!
Lewis Allsopp, Chairman of Allsopp & Allsopp, and Carl Allsopp, CEO of Allsopp & Allsopp, break down the biggest Q1 real estate trends and the news headlines set to push the market even further.
Buy/sell, rent/lease residential &
commercials real estate properties.
Tune in to find out how many sales occurred below AED 3 million, what’s driving rental viewings up by 126%, and what you can expect in Q2 2024.
Here’s everything they discussed!
Lewis and Carl kick-started the discussion by chatting about the recent storm and rainfall in the UAE, marking the highest in 75 years.
The storm caused significant disruption across various areas in Dubai and impacted multiple businesses, including real estate. Agents faced challenges, and property viewings took a hit. However, amidst the chaos, Dubai showcased remarkable resilience, bouncing back swiftly from the aftermath. Lewis and Carl continue to chat about how while the rains impacted businesses in Dubai, Allsopp & Allsopp bounced back rather quickly.
Carl shares how after the downpour, the announcement by Sheikh Hamdan regarding comprehensive sewage infrastructure for Dubai and how this would definitely set a new standard for the city in enhancing its systems.
Lewis chats further on the plans for a new airport that captured everyone’s attention. The Al Maktoum Airport is set to be the world’s largest airport, hosting over 400 different aircraft carriers, 260 million passengers and a wealth of amenities. Announced to be set in Dubai South, the airport’s location raised some eyebrows, but its ambitious scale reflects Dubai’s commitment to growth and expansion.
Diving into Q1 2024 stats
Lewis & Carl’s discussion highlighted all the details on the Q1 2024 stats, demonstrating a significant surge in property transactions, with notable increases in both sales and rentals.
Carl then delved into the realm of off-plan sales, a hot topic in Dubai’s real estate, and on the report.
Despite concerns about project delays, off-plan properties remain a popular investment choice, he shared how they are constituting a substantial portion of transactions. With over 280,000 units under construction, Dubai is poised for dramatic transformation in the coming years.
Rental market dynamics – what can we expect?
For tenants and landlords alike, understanding rental market dynamics is crucial.
Lewis chats on the updated RERA rental calculator, which aims to provide clarity and transparency in rental negotiations. However, as rental prices continue to climb, tenants must navigate the evolving landscape with caution, he shares.
They further chat on how the lettings market saw viewings soared by 126% compared to the same period last year. Carl then further dives into what has caused this surge in viewings, and what tenants can expect in the coming months.
What are the projections for Q2 2024?
As we look towards the future, Lewis and Carl’s conversation turned to projections for the next quarter.
Lewis shares how despite seasonal variations from Ramadan, Eid, summer break, etc, Dubai’s real estate market remains robust, driven by a growing population and sustained economic momentum. While factors like interest rates may influence decision-making, the allure of Dubai’s thriving business ecosystem continues to attract investors and residents to the city.
He questions Carl – with interest rates dropping and rents soaring, are tenants pressured into buying?
Keen to know more about their discussion? Tune into Taking Care of Business, every Friday!
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