Dubai's real estate sector
experienced a stronger investor sentiment in the first quarter 2021 with an
increased number of first-time buyers entering the scene lured by prices that
“remained affordable but slowly on the rise.”
Allsopp & Allsopp's Real
Estate Q1 property market report shows an 82 per cent increase in sales
transactions and a 237 per cent increase in tenants paying their rent in
multiple cheques since Q1 2019.
“The first quarter of 2021 has
been incredible for the Dubai real estate market as a whole. Buyers are jumping
at the chance to purchase a home while they still can with the city coming out
of lockdown so quickly on the back of investment in vaccines and testing,"
the report said.
“This has encouraged many expats
already residing in the city to buy homes here and invest in their future and
also encouraged many overseas investors,” said Lewis Allsopp, CEO of Allsopp
& Allsopp.
The leading brokerage reported
that it had generated 50 per cent of its 2020 annual revenue generation in Q1
of 2021. “Despite the pandemic starting to take effect in 2020, the revenue
generated for the full year was itself an impressive 19 per cent higher than
that of 2019.”
The brokerage also reported an
increase in activity across all departments of the business.
“I believe there will be many
people moving to Dubai over the next few years as they leave their home
countries. I can see the city continuing its drive to be a leading destination
in the world,” said Allsopp.
“The buyer sentiment has never
been higher. The leadership of the UAE has shown such forward thinking and have
executed plans quickly and precisely for the betterment of the city. New visas
rules have been implemented, making it easier for expats to call the UAE their
home while the groundbreaking decision to introduce dual citizenship is adding a
huge amount of confidence among the expat community,” he said.
He said the market is seeing the
effects of the increase in loan to value (LTV) and low interest rates.
Apart from a rise in end-user
buyers, there is also an increase in residents buying second properties for
investment purposes as they can see the opportunity that is arising in certain
communities across the city, he said. “We also witness a lot of interest from
overseas buyers who are looking to make the move to the UAE or have been encouraged
by the UAE’s resilience throughout the pandemic and its plans to continue to
grow and advance with the launch of the Dubai 2040 master plan,” said Allsopp.
Allsopp said his firm is
expanding its developer sales team as a result of more buyers enquiring on
off-plan and newly ready units from developers as they face limited stock in
the secondary market. “I predict we will see this trend to continue throughout
the year with several new developments being launched and the attractive
payment options available.”
“Pre-Covid-19, we were seeing
more of a trend to increase cheque payments and the lockdown accelerated that.
Some owners are now asking for fewer cheques again but overall more owners are
appreciating that they need to offer increased cheque payments to keep up with
the trends across the city - the increased competition among landlords and more
short-term lettings options in the market,” said Allsopp.
Gone are the days when companies
pay for rent in one cheque. The brokerage reported an emerging tenant trend of
short-term, month by month rental enquiries as a result of job losses or
financial strains.
Shaikhani Group said, this coming
year would be the simplest year for the Dubai. it'll be a boom for each
industry. Moreover, they're trying their best to extend the productivity of
theirs projects so it'll fork over by the top of this year….
Shaikhani Group explained, Dubai
is understood by doing things on right time, they come up with those ideas
where people think’s it's impossible, while ago Dubai was a desert, now nobody
can say this was a desert. People like to visit Dubai for holidays, because all
facilities are there including security which may be a basic necessity of life.
Dubai is one the simplest city to
measure where everything is out there on the doorstep, this is often why
Shaikhani Group invested their money, and that they do have different projects
which are successfully in process. Shaikhani group tries to seek out the
simplest deals with good luxuries therefore the customer can enjoy all the
luxuries at full Shaikhani group already handover few projects in Dubai worth
of many dirhams, they always achieve their target on time which shows the
positive sign of their progress. Soon they're going to handover gardenia
residency which is found in Jumeirah village circle, it's been expected they're
going to handover this project by the top of 2021 or even earlier depends on
the working conditions and environment
As the pandemic situation is that the worst
within the whole world, things are really difficult to mapped out because
during this situation we've to be very careful taking extra safety precautions
to form sure to not put labour’s life in danger because this work needs tons of
manpower and thanks to pandemic we've to take care of the 6-foot gap, so what
we've provided our labour high-quality equipment to form sure work doesn't
compromise and customers will get their apartments on time quite 1000 units
handover within the projects of Cambridge business center, champions tower 1
and Frankfurt sports tower which is worth of 700 million dirham approximately
600 units are to be completed soon within one year in Champions tower 3,
Gardenia 1 and a couple of approximately value 300 Million dirham are going to
be deliver
