49,000 new homes to come into market this year

By Eudore R. Chand

DUBAI 29 January 2020: Dubai saw 32,000 new residential properties handed over in 2019 an increase from the 21,014 in 2018 — a rise of more than 52 per cent.

There are expectations of an extra 49,000 properties handing over in 2020, according to property management firm Allsopp & Allsopp.

Dubai Marina comes out on top for the most popular area for leasing for the second year in a row. The most popular area for sales in 2019 was Downtown, the company said.

Property prices dropping have given tenants the possibility of upgrading their property size or area and have given first-time buyers the chance to step onto the Dubai property market, said Lewis Allsopp, CEO of Allsopp & Allsopp.

“We have seen an increase in figures throughout the entire business which shows how much sentiment and confidence there is in the Dubai property market despite the negative talk surrounding it,” he said.

Tenant registrations have risen again this year by 14%. The population of Dubai continues to multiply year on year and, in turn, tenant registrations rise. The average rental price for 2019 dropped a further 10% to Dh132,000.

Allsopp says there has been an increase in companies paying rental cheques for staff..

“Companies paying for employee rental cheques is very promising as it suggests that companies are employing from overseas and are investing more in these employees. As Expo 2020 looms nearer, my predictions are that Dubai will see more companies paying for rental cheques in 2020.”

The average age of Allsopp & Allsopp Tenants has risen this year from 28 in 2018 to 44 in 2019 and buyers average age has risen from 40 in 2018 to 46 in 2019.