The year Dubai defied the world: Will 2024 keep up? – Allsopp & Allsopp

2 minutes, 56 seconds Read

On this week’s episode of Taking Care of Business, join Chairman; Lewis Allsopp alongside Zhann Jochinke, who is the CEO of Property Monitor. Tune in to uncover the property market in 2023, how branded residences reshaped the market, and what are the forecasts for 2024?

Let’s tune into what was discussed:

Buy/sell, rent/lease residential &
commercials real estate properties.

Highlights of the podcast:

The hosts began by reflecting on the unexpectedly robust performance of the Dubai property market in 2023. Contrary to initial forecasts, the market saw record-breaking transactions and price increases, defying the global trends during a challenging period. Zhann credited this resilience to Dubai’s strategic location and the government’s proactive measures to drive growth.

Dubai’s evolution:

The conversation touched on Dubai’s remarkable transformation over the years. The city, initially perceived as a transient destination, has evolved into a thriving, welcoming hub. The government’s initiatives, such as long-term residency options and citizenship programs, have contributed to Dubai’s appeal as a place for long-term settlement.

Forecasts for 2024?:

Despite the positive outlook, Zhann expressed a cautious stance for 2024. He anticipated a more moderate growth trend, citing concerns about potential oversupply in the market. The discussion emphasised the importance of understanding the dynamics of supply and demand to navigate the evolving real estate landscape.

Property handovers vs. population growth:

Lewis then delved into the intricacies of property handovers and population growth, providing a detailed analysis of the numbers. With a focus on various master communities and upcoming projects, they explored the challenges posed by the increasing number of units compared to population growth.

Diving into the roles of master communities:

The conversation then focused on the significance of master communities for property owners. Investing in a master community ensures a sense of community, better infrastructure, and long-term value. The hosts highlighted the potential of upcoming master communities like Tilal Al Ghaf, Dubai Hills, and Emirates Hills.

The investor’s strategy in the market?:

The hosts discussed the importance of understanding one’s investment strategy when entering the Dubai real estate market. Whether for long-term residency, flipping properties, or leveraging down payments, the conversation shed light on the diverse approaches investors can consider.

The importance of volume over value:

The hosts then delved into the importance of focusing on transaction volume rather than just the value of transactions. They explained how a higher volume indicates a healthier market, avoiding overreliance on a few high-value transactions that can skew perceptions.

The journey from 2007 to now:

The conversation then turns to reflections on the past, highlighting the speaker’s memories of pitching projects in TECOM back in 2007. The vision of creating a premier camel community race camp paved the way for unprecedented growth. Lewis marvels at how Dubai has developed, with satellite maps showcasing the remarkable transformation. Notably, attention is drawn to ongoing developments in Marjah, including the resurgence of Falcon City of Wonders and the Dubai Residential Complex.

Prime markets and luxury sales:

The discussion takes an intriguing turn towards luxury real estate, exploring sales figures for properties valued at 10 million dirhams. Lewis and Zhann shed a light on Dubai’s position in the global market, competing with the likes of New York and Hong Kong. The nuanced comparison with other major cities highlights the unique factors influencing Dubai’s real estate landscape.

The podcast then concludes with a forward-looking perspective on Dubai’s real estate future. Lewis and Zhann express the need for more focus on residential and commercial developments, anticipating that they will be a prime investment for those willing to hold units.

Keen to know more?

Tune into Taking Care of Business; every Friday!

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