2020 annual report - real estate brokers in dubai | real estate … · 2021. 1. 13. · family...

AnnualProperty

MarketReport

allsoppandallsopp.com

A Message from our CEO

Year at a glance

Notable Sales

Notable Lets

2020 Explained

0203061117

Table of Contents

New Vision Tower Office


“it became clear that it would have been impossible to foresee the effects

the pandemic would have on the property market - the way it has

turned out defies all logic”

A message fromour CEO

2020 was definitely a year for the history books! No one could have predicted the impact that Covid-19 would have world wide - planes were grounded, tourism came to a halt with countries closing their borders, the entertainment and food and beverage industries completely closed, with no definitive plan as to when they would reopen and a new work from home regime for many of us. Last year was a journey for everyone, including myself. I found I was navigating a real estate company blindfolded through a pandemic with no insight into what was going to happen next and when. Luckily for Allsopp & Allsopp, the property market was a shining light through it all and hit the ground running as the UAE lockdown was lifted.

I spent some time over the festive period reflecting on the year and it became clear that it would have been impossible to foresee the effects the pandemic would have on the property market - the way it has turned out defies all logic. People were unfortunately losing their jobs, companies were forced to cease trading, yet property markets around the globe bounced back at an unprecedented rate. Property portals found enquiries were at an all-time high, real estate agents registered a record number of clients, activity in the Dubai property market was second to none and Dubai, for the first time in years, reported property price increases.

The big question on everyone's lips has been why? - why would anyone buy a house in the middle of a pandemic? Why are property markets continuing to thrive around the world? The answer is quite simple in my opinion, real estate needs movement - movement either way! The family who need to downsize due to job loss could create an opportunity for the entrepreneur who has done well financially out of the pandemic. The family who have had a new child and need a larger place creates a home for first-time buyers who have waited to get on the property ladder. The person who realised they value garden space after being locked down in their small apartment will be looking at a new home, leaving space for an expat starting their Dubai journey. In most of these cases, in my opinion, people's life plans have accelerated as a result of the pandemic. People have been forced to make choices sooner than they previously would have, and they are making moves to secure their goals beyond the pandemic. These decisions in people’s personal and work situations is what has got the property market moving.

As a business leader, we have seen some green shoots when it comes to new ideas and changes after seeing the effects of Covid-19. We learned that our team can work remotely - something that, if i'm honest, I would have been sceptical of before. This realisation has allowed us to shorten the work hours of our team and invest into company laptops. Furthermore, we made a major move for our business to change our CRM systems - another step towards mobilising our team. We also employed and invested in a Head of Technology who will help progress our goals to be a business who can do their job from any device at any time, offering a 24/7 real estate experience. I believe that this is key for the future, not only for Allsopp & Allsopp but the real estate industry as a whole.

In 2020, we made the decision to start an initiative to be paperless by 2022. We invested in digital receipts to save paper and time for our financial team. Our business administration side is now cloud based to avoid the use of printing documents and writing notes in a diary or notebook - everything is online and shareable which has also been a great improvement on communication throughout the business.

I would like to conclude my message on a proud note - Allsopp & Allsopp closed the year of 2020 with an increase of over 22% in turnover from 2019. Despite the hurdles we have had to overcome this year, the property market has gone from strength to strength with real estate agencies recording their busiest months on record and with prices in certain communities across Dubai increasing for the first time in years. I am confident in saying that 2021 has the potential to be another great year for the industry. The resilience of the Dubai property market has always impressed me but I am particularly excited to see its progression over the coming years.

Lewis AllsoppCHIEF EXECUTIVE OFFICER

ALLSOPP & ALLSOPP REAL ESTATEANNUAL PROPERTY MARKET REPORT 20202


Dubai Marina is the most popular area based on bothSales and Lettingstransactions

Company Revenue

Properties Registered

Client Registrations

Viewings

Company Headcount

22%

3%

57%

28%

Client Calls43%

38%

3ALLSOPP & ALLSOPP REAL ESTATEANNUAL PROPERTY MARKET REPORT 2020


Buyer Registration38%

Properties Sold21%

New Listings1%

Average Sales Price8%

Tenant Registration6%

Properties Let11%

New Listings7%

Average Lettings Price9%

Sales Transactions

Lettings Transactions10%

21%

Property Management Transactions7%

Mortgage Transactions38%

Commercial Transactions52%

SALES

LETTINGS

TOTAL TRANSACTIONS



5

61%

51%

25%

24%

39%

Buyer’s Summary

Top 3 Nationalities

61% Mortgage39% Cash

24% 1 Cheque25% 2 Cheques51% 3 or more Cheques

1st Indian

Paymentmethod

Payment in numberof rent cheques

Tenant’s Summary

Top 3 Nationalities


2nd British

3rd French

1st British2nd Indian

3rd Lebanese


AREA PROPERTY NUMBER OF BEDROOMS

AGREED PRICE(AED)

NUMBEROF VIEWINGS

DAYS ONMARKET

Al Barari The Nest

The Nest

Desert Leaf 3

4

4

5

14,500,000

9,400,000

9,175,000

12

7

1

24

Off Market Listing

Off Market Listing

Al Furjan Quortaj

Quortaj

Dubai Style

5

4

5

3,000,000

2,900,344

2,750,000

1

1

1

Off Market Listing

Off Market Listing

Off Market Listing

ArabianRanches

Polo Homes

Golf Homes

Hattan

6

5

5

10,000,000

9,000,000

7,500,000

1

12

4

Off Market Listing

21

Off Market Listing

Business Bay Ubora Tower 1

Executive Tower F

Churchill Residency Tower

3

2

2

1,700,000

1,100,000

1,000,000

7

11

4

15

13

9

DAMAC Hills(Akoya byDAMAC)

The Turf

Whitefield 1

Silver Springs

6

5

5

8,500,000

4,250,000

3,250,000

1

12

10

Off Market Listing

35

2

DIFC Limestone House

Index Tower

Burj Daman

3

2

3

3,500,000

2,925,000

2,200,000

3

1

3

24

Off Market Listing

Off Market Listing

Notable SalesTransactionsby Area


Allsopp & Allsopp Real Estate report that with limited supply in new properties coming to the market and a rise in buyer registrations by 38%, the average property price rose by 8%


Dubai CreekHarbour(The Lagoons)

Dubai Creek Residence Tower 3 South

Creekside 18

3

2

3,075,000

1,045,000

3

8

Off Market Listing

20

Dubai HillsEstate

Golf Place

Club Villas

Sidra 3

5

3

4

8,916,537

3,650,000

3,590,000

1

5

7

Off Market Listing

Off Market Listing

12

Dubai Marina Marina Vista T2

Vida Residences

Vida Residences

3

2

3

3,747,888

3,690,888

3,089,888

1

1

1

Off Market Listing

Off Market Listing

Off Market Listing


AGREED PRICE NUMBEROF VIEWINGS

DAYS ONMARKET

Dubai SportsCity

Bloomingdale Townhouses

Gallery Villas

Gallery Villas

5

3

3

2,550,000

1,425,000

1,325,000

1

14

1

Off Market Listing

12

Off Market Listing

GreenCommunity

Family Villa

Luxury Villa

Family Villa

5

6

5

4,200,000

4,000,000

3,425,000

2

5

20

14

Off Market Listing

38

GreenCommunityMotor City

Townhouse

Townhouse

Townhouse

4

3

4

3,135,000

2,925,000

2,900,000

9

1

5

25

18

48

JumeirahBeachResidence

Rimal 4

Rimal 2

Rimal 1

2

2

2

1,700,000

1,600,000

1,550,000

1

3

3

Off Market Listing

14

8

7ALLSOPP & ALLSOPP REAL ESTATEANNUAL PROPERTY MARKET REPORT 2020


Downtown Burj Khalifa

Boulevard Crescent 1

The Address The BLVD

2

3

2

3,350,000

3,200,000

3,150,000

2

6

3

30

38

23

Mira Type 1E

Type 2E

Type 2E

4

3

4

2,200,000

2,000,000

1,925,000

1

8

5

Off Market Listing

18

Off Market Listing

JumeirahIslands

The Mansions

Cluster 6

Cluster 35

5

5

5

9,500,000

7,700,000

6,950,000

10

4

7

46

Off Market Listing

Off Market Listing

JumeirahLake Towers

Green Lake Tower 3

Al Sheraa Tower

Madina Tower

5

3

4

2,375,000

2,225,000

1,600,000

9

6

10

Off Market Listing

Off Market Listing

19


AGREED PRICE(AED)

NUMBEROF VIEWINGS

DAYS ONMARKET

Jumeirah Park Legacy

Legacy

Legacy

5

5

4

4,350,000

4,200,000

3,950,000

1

6

1

Off Market Listing

21

Off Market Listing

JumeirahVillage Circle

District 16

District 12

Mirabella 3

2

2

5

2,350,000

1,579,819

1,200,000

2

1

11

6

Off Market Listing

28

JumeirahVillage Triangle

District 4F

District 5E

District 1C

3

3

2

1,900,000

1,850,000

1,800,000

12

1

11

29

4

18

JumeirahGolf Estates

Redwood Avenue

Redwood Avenue

Redwood Avenue

6

4

6

12,500,000

15,500,000

13,800,000

3

3

1

Off Market Listing

36

Off Market Listing

JumeirahHeights

Cluster A

West Cluster

2

2

1,600,000

1,500,000

4

8

11

20




AGREED PRICE(AED)

NUMBEROF VIEWINGS

DAYS ONMARKET

Old Town Kamoon 2

Al Tajer

Kamoon 1

4

2

2

3,100,000

2,650,000

1,650,000

3

1

5

Off Market Listing

Off Market Listing

38

PalmJumeirah

Garden Homes Frond B

Garden Homes Frond O

Garden Homes Frond E

4

4

4

9,800,000

9,000,000

8,000,000

3

4

12

12

Off Market Listing

325

MohammedBin RashidCity

District One

Mohammed Bin RashidGarden

7

2

23,400,000

2,100,000

1

1

Off Market Listing

12

Motor City Bennett House 2

Fox Hill 9

Dickens Circus 2

3

2

2

1,325,000

925,000

900,000

8

13

7

55

34

21

Mudon Rahat

Rahat

Salam

5

3

4

3,750,000

2,900,000

2,610,000

2

11

5

Off Market Listing

27

34

ALLSOPP & ALLSOPP REAL ESTATEANNUAL PROPERTY MARKET REPORT 2020 9


The Lakes Type 4

Type 2

Type E

4

4

4

3,817,000

3,800,000

3,700,000

8

5

6

Off Market Listing

Off Market Listing

Off Market Listing

The Meadows Type E1

Type 9

Type 9

5

6

6

7,000,000

5,809,278

5,500,000

7

4

3

25

Off Market Listing

Off Market Listing

The Greens Al Sidir 3

Nakheel 1A

Al Ghaf 4

4

3

3

2,050,000

1,780,000

1,750,000

1

9

5

Off Market Listing

28

15




AGREED PRICE(AED)

NUMBEROF VIEWINGS

DAYS ONMARKET

Townsquare Safi Townhouses

Noor Townhouses

Hayat Townhouses

4

4

3

2,150,000

1,750,000

1,150,000

1

2

3

Off Market Listing

Off Market Listing

14

Victory Heights B1, Oliva

Type B, Esmeralda

Type B, Estella

5

5

5

4,700,000

4,350,000

4,285,000

7

4

18

Off Market Listing

30

Off Market Listing

The Springs Type 1E

Type 2E

Type 2E

3

3

3

3,000,000

2,750,000

2,650,000

5

1

7

31

Off Market Listing

28

The Views Panorama At The Views

Golf Villas 1

The Fairways East

3

2

2

2,500,000

1,975,000

1,850,000

1

4

1

Off Market Listing

13

Off Market Listing

Notable LettingsTransactionsby Area


AGREED PRICE(AED)

NUMBEROF VIEWINGS

DAYS ONMARKET

Akoya Oxygen Pacifica

Juniper

Juniper

3

3

3

70,000

65,000

65,000

1

1

1

18

Off Market Listing

Off Market Listing

Al Barari Seventh Heaven

Jasmine Leaf 6

Jasmine Leaf 6

4

5

5

850,000

550,000

320,000

1

2

22

Off Market Listing

Off Market Listing

Off Market Listing

Al Barsha Laval Residence

Laval Residence

Laval Residence

3

2

2

61,500

58,500

54,500

7

11

4

12

13

8

Al Furjan Quortaj

Makeen Villas

Makeen Villas

4

5

5

165,000

162,500

150,000

1

4

1

Off Market Listing

20

Off Market Listing

Arabian Ranches

Polo Homes

Al Reem 1

Al Mahra

7

3

6

500,000

330,000

255,000

7

6

14

21

15

28

ArabianRanches 2

Rosa

Yasmin

Casa

4

4

4

39

Off Market Listing

52

2

1

3

195,000

190,000

155,000

Allsopp & Allsopp Real Estate’s tenant registration rose by 6%, however lettings transactions have decreased by 11% as tenants decide to buy or renew rental contracts through the UAE lockdown.




AGREED PRICE(AED)

NUMBEROF VIEWINGS

DAYS ONMARKET

Business Bay The Atria

Marquise

Damac Towers byParamount

2

2

2

100,000

100,000

100,000

4

8

1

12

28

Off Market Listing

DAMAC Hills(Akoya byDAMAC)

Whitefield 1

Damac Villas by Paramount Hotel

Whitefield

5

5

5

340,000

295,000

290,000

2

2

2

12

Off Market Listing

Off Market Listing

DIFC Central Park Tower

Burj Daman

Limestone House

3

3

3

180,000

148,000

140,000

4

3

9

7

Off Market Listing

17

Downtown The 118

The Address The BLVD

The Address Sky ViewsTower 1

5

6

5

800,000

240,000

210,000

1

2

1

Off Market Listing

30

Off Market Listing

Dubai Creek Harbour(The Lagoons)

Dubai Creek ResidenceTower 1 South



3

3

2

150,000

140,000

136,000

1

4

5

Off Market Listing

Off Market Listing

41

Dubai HillsEstate

Fairway vistas

Sidra Villas II

Sidra Villas II

6

3

5

450,000

250,000

200,000

3

3

3

Off Market Listing

Off Market Listing

Off Market Listing

Dubai Marina Elite Residence

23 Marina

Marina Gate 2

4

4

3

400,000

250,000

200,000

1

2

1

Off Market Listing

16

Off Market Listing

Dubai SportsCity

Bloomingdale Townhouses

Mediterranean

Elite Sports Residence 1

4

2

1

135,000

60,000

60,000

1

5

8

Off Market Listing

13

15



Dubai StudioCity

Glitz 3

Olivara

Glitz 3

2

1

1

70,000

65,000

40,000

1

1

14

8

Off Market Listing

23

Emirates Hills Sector HT

Sector W

Sector W

5

6

6

750,000

630,000

640,000

4

2

3

38

Off Market Listing

Off Market Listing

Green Community

Family Villa

Family Villa

Family Villa

5

5

5

360,000

280,000

200,000

4

3

2

15

10

5

Green CommunityMotor City

Family Villa

Bungalow

Townhouse

5

4

3

220,000

200,000

180,000

2

8

12

9

15

21

JumeirahBeach Residence

1 JBR

Al Das

Sadaf 6

4

4

3

375,000

170,000

150,000

1

6

1

8

11

3

JumeirahGolf Estates

Redwood Avenue

Wildflower

Sienna Lakes

6

5

5

470,000

460,000

430,000

1

14

12

Off Market Listing

32

25

JumeirahHeights

Duplex Apartment

Duplex Apartment

Cluster West

3

2

3

130,000

115,000

100,000

4

12

2

33

53

8

JumeirahIslands

Cluster 21

Cluster 6

Cluster 28

4

5

5

245,000

310,000

305,000

3

2

5

22

Off Market Listing

9


AGREED PRICE(AED)

NUMBEROF VIEWINGS

DAYS ONMARKET



Mira Type 1E, Mira 1, Reem

Type 1E, Mira 2, Reem

Type 1E, Mira Oasis 3, Reem

4

3

4

127,000

120,000

120,000

3

2

3

29

52

Off Market Listing

JumeirahVillage Circle

Westar Constellation

Circle Villas

District 16J

4

4

2

125,000

120,000

115,000

1

4

1

22

22

15

JumeirahVillage Triangle

District 8T

District 2C

District 8I

2

3

2

130,000

125,000

125,000

13

1

1

54

12

41

Meydan Millennium Estates

Millennium Estates

Grand Views

5

5

4

250,000

240,000

160,000

14

15

12

30

37

24

MohammedBin RashidCity

Hartland Greens

Sobha Hartland

Sobha Hartland

3

2

2

155,000

145,000

120,000

7

2

10

52

16

Off Market Listing

Motor City Claverton House 1

Shakespeare Circus 3

Bennett House 1

3

3

1

105,000

100,000

100,000

4

8

0

Off Market Listing

44

Off Market Listing


AGREED PRICE(AED)

NUMBEROF VIEWINGS

DAYS ONMARKET

Jumeirah LakeTower

The Residences 1

Madina Tower

Laguna Tower

2

3

3

130,000

125,000

117,000

1

6

2

Off Market Listing

37

8

Jumeirah Park Legacy

Legacy

Legacy

5

5

4

240,000

220,000

215,000

4

4

2

8

27

Off Market Listing



The Greens The Onyx Tower 2

Al Jaz 2

The Onyx Towers

2

3

2

120,000

105,000

105,000

18

13

6

22

17

3

The Views The Links East

The Views 2

Arno A

3

3

3

125,000

115,000

110,000

1

1

1

5

Off Market Listing

Off Market Listing

The Lakes Maeen 1

Type 2, Deema 2

Type F End, Zulal 1

5

4

3

240,000

215,000

155,000

1

8

1

Off Market Listing

8

Off Market Listing

The Meadows Type 14

Type 6

Type 9

4

4

5

235,000

235,000

232,000

1

1

10

Off Market Listing

Off Market Listing

14

The Springs Type 2E, Springs 5

Type 2E, Springs 8

Type 1E, Springs 11

3

3

3

165,000

165,000

160,000

3

5

3

7

28

18


AGREED PRICE(AED)

NUMBEROF VIEWINGS

DAYS ONMARKET

Old Town Reehan 3,

Al Attareen

Al Tajer

2

2

2

250,000

155,000

150,000

1

2

1

Off Market Listing

35

Off Market Listing

Palm Jumeirah Signature Villas Frond D

Signature VIllas, Frond P

Signature Villas Frond M

5

5

6

1,100,000

1,000,000

600,000

1

1

1

Off Market Listing

Off Market Listing

Off Market Listing

Mudon Rahat

Rahat

Rahat

5

3

3

165,000

150,000

140,000

1

1

2

Off Market Listing

62

18



VictoryHeights

Type A, Novelia

Type C1, Estella

Type B1, Esmeralda

6

5

5

370,000

230,000

220,000

5

8

7

23

8

33


AGREED PRICE(AED)

NUMBEROF VIEWINGS

DAYS ONMARKET

The Villa Courtyard 9, Aldea

Courtyard 5, Aldea

Courtyard 5, Ponderosa

4

4

5

150,000

135,000

120,000

4

13

1

18

21

32

Townsquare Noor Townhouses

Noor Townhouses

Safi Townhouses

4

4

3

100,000

95,000

90,000

1

8

1

Off Market Listing

28

Off Market Listing




Allsopp & Allsopp Real Estate’s total revenue has increased by 22% since 2019. This is the 11th consecutive year that the company has reported a growth in revenue generated annually.

Lewis Allsopp, CEO of Allsopp & Allsopp says “Despite the roadblocks we have faced this year, we have increased the company’s revenue and also increased the Allsopp & Allsopp headcount by 38%. Dubai’s lockdown put a spanner in the works and no one could have foreseen what the future held but the property market sprung back into action and has gone from strength to strength since. This meant that we were able to surpass our yearly target earlier than anticipated in September and set a new target for Q4 that we were delighted to achieve.”

Allsopp & Allsopp Real Estate’s buyer registration increased by 28% compared to 2019, despite the total number of properties registered decreasing by 3% and as a result, the average sale price rose by 8%.

Allsopp explains “Some sellers are now under the impression that if they wait to sell, they could achieve a higher sale price in the near future. No one can predict the future, but what we have seen post lockdown is a slight incline in average sold price which is due to the high demand for certain properties within certain communities.

Buying has never been more affordable with the increase in Loan to Value (LTV) brought in by the UAE government as part of the stimulus package teamed with the low interest rates given by the UAE Central Bank. The LTV was the unsung hero when it comes to the successes of the Dubai Property Market in 2020. These changes brought in by the UAE government have meant that first-time buyers could enter the market and as a result, we have seen mortgage transactions rise by 38%.”

He continues “Buyers are entering the market and in some cases, willing to stretch their budgets higher to be in with a chance of buying a property that ticks all their boxes, however, the LTV increase and low interest rates may not be around forever and we can't be sure that first-time buyers will always be in such a fortunate position to buy. In my opinion, 2021 will be a very interesting year for the property market. We have already seen increases in prices across certain areas of the city, whilst other areas have stablised and some dropped, but at a much slower rate than before. The property market in Dubai is continuing to evolve and mature; we can no longer talk about the property market as a whole, instead we have to look at different segments of the market.

Allsopp & Allsopp real estate sold many properties in 2020 before they reached property portals.

Lewis Allsopp explains that this is down to the number of buyers registered looking for new homes “Buyers have been looking specifically for a certain property type and a property that is in great condition, meaning that when such property becomes available, we have buyers registered to buy right away. In some cases, we have buyers stretching their budgets to be able to get the exact property they are looking for because the competition in the market is strong.”

The company reports a decrease in viewings by 57% but an increase in sales transactions by 21% as a result of client calls increasing by 43% and an increase in website bookings for property valuation’s and viewings by 61%.

Allsopp explains “2020 showed us that the real estate market needed to improve technology and quickly! Before lockdown was introduced Allsopp & Allsopp were conducting 360 degree tours of properties and virtual viewings - this took precedent throughout the lockdown and has continued to be popular with

2020Explained






clients since. I believe the ongoing virtual viewings are the reason the number of viewings has decreased by a large margin this year. No viewings took place during lockdown, but since, we have seen virtual viewings continue with clients who are overseas or who are looking to narrow down their search before a physical viewing to save time on their physical search.”

Allsopp & Allsopp Real Estate’s tenant registration rose by 6%, however lettings transactions have decreased by 11%.

Lewis Allsopp says “The beginning of 2020 saw many tenants stay put as they made decisions for their future and as lockdown was enforced, we saw contracts being extended for around two - three months because of the circumstances. After lockdown, the rental market, like the sales market, took off! After being locked down for so long, many people decided to move to villas from apartments, to upsize for more space or downsize after pay cuts or job losses as a result of the pandemic. However, many other tenants have taken advantage of the high LTV and low interest rates available and have stepped onto the property ladder. This is another reason for the increase in sales transactions and the reduction in rental transactions. Considering the rental market came to a halt this year, the reduction, when compared to a relatively normal 2019, is reflective of a very busy second half to the year.”

The Dubai population has risen this year by only 2% compared to an increase of 5% in 2019. He adds “The population rising by only 2% this year, in my opinion, is as a result of the restrictions on travel, so growth itself is a huge positive. Considering the population growth has not been as much as previous years, shows the sentiment of Dubai’s residents and could have had something to do with the decline in rental transactions. But to have sales transactions up by 21% with such a minimal rise in population suggests that many buyers in the market are end - users and chain buyers either upsizing or downsizing their properties - making Dubai their permanent residence.”

He continues “Investors are also seeing great opportunities in the Dubai property market. The way the UAE has dealt with the pandemic from the get-go has instilled further confidence in the government to make difficult decisions for the betterment of the country.”

Allsopp & Allsopp Real Estate’s commercial department has seen an increase in transactions by 51% compared to 2019.

Allsopp explains “A number of enquiries came from new business start-up’s in 2020. We have seen sanitization companies and tech companies looking for small office spaces to begin their business. A few companies have been in contact with the commercial team to look for smaller office spaces, mainly because they have found that remote working has been beneficial to their business and they have decided to cut rental costs by moving to smaller premises.

Allsopp & Allsopp commercial team have also had enquiries from businesses who are looking to expand and need more offices across the city as a result of more market share coming available in their industry. Unfortunately during the pandemic, some companies have had to cease trading and their competitors are seeing this as an opportunity to expand their own business and take advantage of the potential new clients that are now available.

Dubai businesses are also switching to digital as a result of the pandemic and are looking for space to store their goods rather than office spaces and retail outlets. This emerging trend has been more apparent in 2020. The pandemic has shown a whole behavioural shift of companies and an advancement of people's online consumerism which may never return to what it was.”

2020 annual report - real estate brokers in dubai | real estate … · 2021. 1. 13. · family...

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