Q1 2023 Market Insights

In this new episode, haus & haus Sales and Leasing directors bring you insightful updates on Dubai's real estate market and address some of the rumours about the emirate's property sector. We also talked about “renovating our own home” and hitting our best ever month in March 2023.

To help you make informed decisions in your property journey, haus & haus real estate experts offer market reports with important data, recent trends, and interesting projections. Here are the reports for Dubai's top communities: https://www.hausandhaus.com/latest-news/market/dubai-community-market-reports-2022

Your Q3 market reports by community👇:
https://bit.ly/3Uu4b9c

Your Q3 off plan market report👇:
https://bit.ly/3NMSgQ8

Your Ultimate 2024 Dubai Real Estate Investment Guide👇:
https://bit.ly/49pEMCH

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Transcript

Transcript:
(00:01) [Music] [Applause] thank you welcome to divide real estate unplugged brought to you by the team here at Harrison House real estate as always I'm Luke Remington managing director for the house and house group and today we're joined by the company sales director Charles Bannon or Charlie bunner which one do you prefer uh Charlie okay Charlie correct one mate at least in director Tom Paulson or Thomas Paulson today we're going to be discussing highlights of quarter one 2023 and generally what we saw in the shop floor
(00:43) um we've got 20 plus market reports going live today also which will be dropped into the show notes so our listeners can delve a bit deeper if there's anything that they don't hear and they'd like maybe like to see later on as always we try to get give you an overview of what's going on in the market but also see to tell you what we're seeing at house and house and we're just a small percentage of what is going on but quarter one highlights um let's look at it as an overview so we've got 3000
(01:15) um 898 transactions in the quarter now to give the listeners some idea this is overview so it's not just house and has this is everyone and that's a 50 plus percent increase on quarter one of 2022. so we've seen this 50 increase on sales transactions um it's a combined value of 88 billion which is 60 increase on the same period of last year also so again we've got a 50 and 60 increase and to break those numbers down we've got about 23 000 Apartments High number there uh five and a half thousand Villas and then we've
(01:51) got just under a thousand commercial and fifteen hundred plots so that breaks it all down um Charles maybe before we go into it quick give us a bit of somebody about you so myself I've been in Dubai and with house and house since June 2016 seven years okay uh initially working in the leasing department then sales subsequently decent director and now sales director nice and Tom of quickly grew it to you I know you've been on the podcast recently but just in case I have uh so myself I've been a house now since
(02:24) November 2016. so shortly after Charlie went through leasing sales and also now I've filled the shoes of Charlie Bannon in March 2020 so just over three years in the role brilliant so we've got lots of expertise in the house so it's been a wreck of quarter um I don't really like saying that because I think it just constantly record record and I think rather than all Pat ourselves on the back there's records going around every single Brokerage in Dubai and developer so although we're extremely proud that you
(02:58) know the Dubai Market is booming in general so we should be uh making hay while the sun shines so record quarter how's the quarter gone for you both so anything interesting what we've seen Charlie give us a summary of quarter one 2023 in housing house I think like you say it's been it's been a repetitive theme over the past two years records being broke High number of transactions price is rising so I think it's probably more just a continuance of what we've already seen um it just seems to keep building which
(03:27) is which is really good and creates a really busy environment and a really good sentiment from buyers and sellers in the market is there anything in particular that you've seen maybe differences between quarter one this year and quarter four of 2022. um also maybe even if we go into General let's say 2022 are we are we hearing anything from buyers or sellers are they are buyers now thinking well is it the right time to buy a price is too high a seller's thinking or should I now sell because prices are going to drop I
(03:56) suppose the only thing that's really changed is that towards the end of last year it was a bit of uncertainty about mortgage rates continuing to rise but they seems to have studied off now okay so I think that's probably the only big change I think rents have continued to increase which creates a lot of end user buyers in the market so I wouldn't say anything's necessarily changed other than the fact that mortgage rates seem to have stabilized a little bit and in some instances come down okay anything
(04:21) we're hearing about the dollar and you know some issues going on globally about you know is there people thinking well I don't want to keep my money in the bank and let's buy yeah I mean I think there seems to be like a stir underneath everything that's like a sense of something could happen something big could happen but again no one really knows what that is that that's the sense that I get so it's like it's it's not ignorance but I don't think anyone knows the answer but I think everyone is maybe
(04:49) a little bit cautious that across the across the world something could happen yeah on a large scale but no one can really put a finger on it to say this is going to happen and this is when it's going to happen so it creates that uncertainty but I think the good thing about Dubai is that coming back to the sentiment it is really really strong as it has been the economy and as a place to live yeah and it seems to continue to grow so is it ignored I wouldn't say so but there's definitely like a shadow underneath yeah for sure
(05:19) there's got to be a lot of buyers out there you know for sure that have probably looked at the amount of funds that they have in their Banks wherever they are in the world and the banks can guarantee or support you to a certain amount by the central bank so there's got to be a lot of people thinking well do they want to be in the position where potentially they could lose some money or is it safer to have it in a property or gold or silver or you know or different different aspects out there um Thomas when we last spoke we spoke
(05:50) about high demand and high prices what have you seen in 2020 to 2023 sorry quarter one same Trends okay hasn't dipped off to be honest with you the pricing what we're noticing a little bit more now is that especially in the communities where there's a mixture of especially Villa communities I would say where the there's a mixture of high-end Villas I'm talking the 400 000 theorem a year plus you talk so around 80 000 pounds a year Circle we're noticing at that level that we are seeing properties sit now a
(06:27) little bit more empty it kind of it feels almost like it has reached a ceiling in certain communities because if you talk about this six months ago they were slightly lower pricing we wouldn't have vacant Villas yeah we were getting tenants for them two months in advance and so on naturally as the prices and it's well documented and published in the medium we've spoken about it as we touching upon now that the price increasing owners naturally try and capitalize on that yeah and I think it has to reach a
(06:59) ceiling at some point and it perhaps suggests to me that in certain parts of communities where they're a more affordable end it's still continuing to rise yeah but at the higher end either if you want to call that a luxury segment within a community yeah it seems to be a case of now people especially who've lived there historically in that Community see it as overpriced okay and we now have for instance I'll use Arabian ranches as an example right now we probably have around six to ten empty Villas at over 400 000 during
(07:30) the year plus Mark and six months ago we wouldn't have had that because they were around the 350. section so it suggests to me that it could mean that some places have hit a certain ceiling which is still a high price compared to historically but okay so if I am looking in these kind of 300 plus thousand that basically is more for me to choose from more for you to choose from are sorry to interrupt our owners now or landlords accepting that the property has gone on the market and whereas they would have had a flurry of activity
(08:00) within the first couple of days and it's gone and now hearing well no we haven't had any offers or we've done a few viewings are they now being a bit more realistic I think we'll be able to pinpoint that more over this next month or so because we approach the summer months yeah and that's because naturally I think especially this year where Travelers are definitely way more free than it has been historically in the last couple of years due to yeah and so on I think that not I don't think
(08:27) there's going to be a mass Exodus from Dubai by any means yeah but I think that naturally it can go a little bit quieter yeah during them summer months typically families go back home or so on and um I think that that's kind of the conversations we're having with owners that we don't want to miss the boat I don't want it to be empty for another month two months or so on so I think that we'll see a lot of owners probably they've we've tried it we've tried to go for the highest price possible But
(08:53) ultimately it's not good to anybody empty yeah so yeah it's the conversations we're having to have so I do think that it just I'm talking like he's just a five percent correction it's not major but I just think in some ways I don't want to call it greedy but of course if you were just hearing completely positive news all the time you're going to try for the highest you try it's a ceiling that's what the market dictates yeah yeah and it suggests to us that in some areas we are
(09:16) hitting ceilings at that level yeah yeah interesting but at the more affordable levels in them they're continuing to rise and because there's people that are having to downsize and so on which we would touch upon later and they're lying off still you know we barely have any and see we're crying out for them sort of properties yeah more affordable ones I think I'm not sure correct me if I'm wrong about 40 000 units to be handed over in 2023 which of course is gonna hopefully help the the kind of the
(09:42) demands um when you when you put a bit of Supply into the market just touching you you touched about the months that we've got ahead now so we're in April we're going into May June we're going into the hotter months if you are a tenant listening is it good time to maybe start looking and moving to be honest for sure is it better than quarter one me personally I would be thinking if I'm seeing empty properties out there I'm naturally I'm going to try and negotiate the best deal because logic suggests
(10:14) that why would anybody want a property empty now we can't go into personal circumstances oh that's none of our business but a lot of investors out there if they're not making money on their property they actually have the intention of renting it out they're going to need to get a return on that investment so yeah I I would say it to be historically I've been in the role I said three is we have busy months every single month there's no real Trend to when we you know when we have less tenants moving
(10:40) and so on but as we do approach the summerlands people like to get everything boxed off before they leave so I would say this quarter particularly will probably see quite a high drive and it has actually historically been really good quarter for us okay because people don't want to be looking for properties as much in the summer it's very hot no one would be going around empty Villas they plan on going away for up to two months at a time they want to know that when the school terms start or typically when
(11:06) jobs tend to be in a you know new jobs people start in that line with that September that they want to have everything finalized and so on before then yeah all makes sense Charles would you say the same from a buyer's point of view is there are you going to see a flurry of activity going forwards from what you've seen you could have one where you know as I say we're all high-fiving and everything's great probably slightly different to what Tom's seen where at the higher end we're seeing prices stable luxury Marketing
(11:33) sales is is booming from what we read is that true yes I think tank that tone key property I think the word luxury is hard to Define is it a price point is it how the property looks but I think that TurnKey properties ready to move in renovated a certainty and fetching very very good prices that was actually a comment that I heard the other day about flipping is it happening yeah for sure what is flipping depends it's probably different levels of it right someone is literally looking just a buyer renovate and sell yeah
(12:05) someone who's potentially looking to buy I'd argue that someone moved the plan to buy an Off plan property and then sell it before it hands over or at Handover would be would be flipping um but I think that the the biggest shift that we've seen or we've seen more contractors in the market now renovating homes making them TurnKey and then being sold yeah to someone looking to move to the buyer or someone that's in Dubai as a resident looking to buy something that's been fully renovated so
(12:33) whereas people were previously talking about flipping and saying flipping to me 2008 I buy the property today and I sell it for 10 20 more the next day or within a week this is not what we're seeing is that what you're saying yeah there's a bit more thought that goes into it and I think that great what the contractors and and but if a buyer was looking to buy to flip they're trying to meet the demand of someone that doesn't want to buy a house and renovate it themselves and babysit a contractor arguably for
(13:03) one to four months and they're willing they understand the premium and they're willing to pay the premium it's also helped with coming out of covert we've been at a low point in the markets we've seen properties that are 10 15 20 years old that need updated bathrooms kitchens and these kind of things people have bought these properties they then spent a couple of million on them they then over the course of a year and they then sold it for significantly higher so not only have you got the renovations to take
(13:32) into consideration and the suspense gone into that you've also then got a year or two of the market increasing couple that together and then you can see a price of a purchase price initially at say three million an NSL price at say seven or eight million but that's what needs to be taken into consideration that it's the market was at its lowest point and then we've had two years of growth plus we've had the renovations going on is is that's where people maybe are getting confused and wondering well how's it
(14:00) gone up so much yeah it's definitely a combination and naturally there's an element of risk if you were to buy something today with with the intent to put x amount into it to renovate and to flip and the market shifts yeah you could be sitting my bag on your face yeah are you seeing a lot of people coming out and they they're not really investors as such they they have their nine till five or nine till six job but maybe they're thinking well I can see a lot of Money's been made in the real
(14:30) estate market are you finding that a husband and wife can say well I'm going to go and buy that and I'm going to make a few million over the course of the next year by buying it cheap and or maybe not as cheap as it once was but renovating it as a as a hobby basically it's probably a discussion that most couples or individuals have with their friends I'd love to do that yeah that you can make money in real estate that's the best thing to do the percentage of people to actually do it versus talk
(14:55) about it around the table it's probably quite small but the ones that do it yeah I wouldn't say they're they're Savvy real estate professionals or investors they are just giving it a go to a certain degree maybe through friends that have had a good experience or they'll be the first one to Pioneer it in their group but yeah certainly is people that give it a go and it probably comes back to what you're saying at the beginning about leaving money in a bank even if you take away the the security
(15:19) aspect of but it could disappear if the bank folds even if it doesn't disappear it still sits in there earning very little interest so alternative Investments such as property or any asset is arguably worth the risk yeah so we've got a combination of people wanting to come into Dubai because they see it as the place to be at the moment and maybe their home country is not as doing as well as what they would hoped you've got people buying properties because they want to buy properties to make money you've got people buying
(15:48) properties because they want to invest here and have the money that's not about so there's a catalyst of drivers that is still pushing up not just the luxury segment but all segments that you've seen in quarter 1 2023 yeah is that what you're seeing yeah and you can bind up with the government's efforts to make it easier to become a resident easier to open a business still being continuing to be one of the safest places in the world like the combination of the two things is just as you say creating a catalyst of really
(16:15) strong sentiment and strong results from the market do you know what just adding to that with the government incentives and new policies we one of Charlie's friends came in the office the other day and he's uh I actually was there for an interview and I thought God he's going to be good at this but it turns out he's just come out of his family wants to get away from London whatever reason safety and just guess standard of living and his company from the UK allowing them to remote work remotely from Dubai
(16:44) and we're seeing that so much respect like if tenants as well this is why demand will always be there regardless of more Supply coming in in my opinion you know it's great yeah of course it balances out prices and so on but the demand is just going to keep continuing because you've got so many people now that can just be based there for six months get a Visa allow it to work if you can use zoom or you know whatever video call conference you use and they can now enjoy the beautiful sunshine all year round here and work
(17:13) here get the benefits from having this lifestyle which everyone of course we know eventually does you know love it and that's why we stay here and that never used to be back pre-cover that I've never heard of anyone working remotely from Dubai and now it's so popular yeah and Andrew said the investor visas entry level price points quite low to be able to get Visa all the way up from two to ten years you know Dubai's making a real effort conscious effort to keep people here it's not just that typical
(17:42) come in two years earn your money get out yeah that was kind of like not what we were sold as obviously back then but that was your mind so that's what you heard of you go in get you get earn your money work hard and off you go home whereas now I think people now look at this as they're like we're all sat here me and Charlie similar age he is older I mean I think and we've got no plans to go home yeah and but in the beginning you think well give it a year see how it goes if it you know as part of my short plan tell all your
(18:11) mates I'll be back in a couple of years and your family but six and a half years seven years on it's like you can see why now you look at this long term yeah um and it is you know you can afford to buy here it's not just this place where it's all luxury or high-end properties like there is affordable homes and there is you know that entry level for the average person as well so yeah I still actually saw some um properties Charlie and there was still some good post Handover payment plans such as Expo city
(18:41) which I know has been kind of announced in the last quarter have you seen any activity going on in places like that I think yeah for sure like I think anything with post-hand over payment plan being released now causes attraction because it's really really rare I think email launched some launched something into Black Creek maybe this week it's even like 80 20 or 9010 during construction so which two people 90 10 what does that mean 90 during construction that's what you said on hand over okay okay so basically by
(19:10) the time you got the keys you'll have had to pay the hundred percent yes cash buyers essentially you know someone looking to buy with Finance at the time a Handover is pretty much ruled out okay so it only attracts to someone who can continue those cash payments during the construction yeah it's actually hand over on a property so with Expo for example I think handovers two years and then the the post-handover payment plan spans another three years there's a five-year payment plan um and it's pretty affordable for most
(19:36) people that are doing relatively well for themselves in the buyer it it would be okay to continue those payments throughout and that's I think the the attraction with something like that is that everyone a lot of people are going to say that's too far away but at the same time when we're going back to people talking about Real Estate Investors that might spark something in their mind to say well if no one else likes it the government have backed it they've already spent the money on the infrastructure I should probably do that
(20:02) because it's not what everyone else is doing and I think that's when you speak to people that have invested in real estate and made a lot of money they don't consider the opinion of everyone else they try to maybe look at the things that people aren't doing because arguably that's a rumor and that's where potentially you could have more upside Buy on the rumor sell on the news isn't this the old kind of cliche that we heard five years ago it's too far out but doesn't it's too far out then at
(20:32) some stage become not too far out because it's too far out because there isn't a mall close by and then I'm all gets built and then it's maybe not as far out and you know there are Dubai keeps building out so whereas we look at Expo City is it too far out or and in 10 years we'll be saying it's not too far out I don't think it is too far out I think the city is growing wider I think it has to there's lots of sand to be built on and I think it more importantly it's the infrastructure around the community if
(21:01) there's Metro access nothing's too far up because you jump on the Metro and I think if you look at the development as a whole it's probably a longer conversation but if you look at the development as a whole I think the sort of person that would live and reside in that Community as a tenant or as a or as a homeowner think that would suit them being able to get a metro in and out so I think that the community is quite exciting I think there is an opportunity there and also on that you own an Arabian how long have you
(21:29) owned an Arabian ranches for 2014. and back then I bet how many times did people tell you that's too far out yeah ridiculous amount and now what would they say I didn't even think it was too far out back then no because you're used to being on a train or in the UK like half an hour to an hour commutes even more I guess Dubai makes you everything's so accessible and the RTA do a fantastic job about expanding you know we went from having a two or three lanes to now five or six so a commuting distance to Mall of Emirates would have
(21:58) been I don't know 20 25 minutes has then come down to 15 minutes and these cities that are very established and obviously places like London nowhere in London would you go that's too far out too far out from one and that's what Dubai will become they'll have different areas within Dubai yeah too far from what the Expo area because that's where people want to be too far away from downtown too what far from The Villa Community like Arabian ranches that alcudra Corridor like that's how we'll be in the
(22:24) future 100 too far out from now the people is Maybe Beach yeah yeah but that's not going to be in the long term that's how these investors who purchase in these areas which are deemed as far out yeah they see the bigger picture and that's where they make their money because in the future they know that that'll be an established Community where people want to be yeah yeah there's always a reason I remember in 2017 taking people to the Dubai hills estate sales office to purchase Maple Sidra and whatnot and people walk out
(22:51) and go that's crazy that's too expensive yeah this is like look at that look at what the prices have done since Handover and as a community now if they could wind back the clock they'd purchased in the heartbeat are people buying the interest you say heartbeat are people buying in a heartbeat at the moment with very little information but it's that kind of to me it feels a bit like the kind of the Bitcoin era where it's kind of sixty thousand dollars where you know the world and his wife were buying
(23:15) Bitcoin but they actually like it myself we didn't really know what was going on with Bitcoin we just knew you paid an amount of money for a digital currency but everyone's getting involved in it you stop someone everyone in the street knows about it I get that feeling with real estate at the moment that no matter where you are in the world it's it's come across your your eyes at some stage and people are getting in touch with little information no family here and thinking well why don't we have
(23:43) something tax-free and in you know seven eight percent are you seeing that Charlie I think it's such a traditional investment like everyone grows up knowing I need to buy a house one day and everyone grows up knowing that if I have multiple properties I'll probably be considered wealthy and I've got income coming in and that would help me become rich or wealthy I think the new age of it is someone in the UK going I'm going to buy a house in Dubai because I've heard the returns are good so that's why maybe
(24:10) like the Bitcoin element comes into it so it's still a traditional way of investing your money but as a new era of I'm not going to look at my local community in Kent I'm actually going to Branch out and do something in Dubai which maybe I've never seen before I don't really understand but I'm willing to take that risk based on everyone telling me it's a good idea or me hearing about the returns or my broker's telling me it's an amazing investment opportunity yeah and I think as well even just on
(24:37) that subject even for personal point of views is that when you're looking saying you already live here and you're looking for a property yourself to purchase I think decisions are made very quickly because there's not very many vacant properties out there in certain communities that sitting there with tenants as we know well the audience may not know this but you have to give a Year's notice to attend to have them evicted from the property if you're moving in yourself a lot of people especially end users
(25:02) aren't prepared to wait a year okay so actually finding American property in your price point because then is difficult and up from personal experience looking for a property to purchase it you have to make a very snap judgment as soon as one comes away because otherwise it's probably a queue of 10 people that are going to be in line to buy that so things move so fast out here decisions are made quick and like we said it's all about using a reputable company as well to advise you that that is a good purchase or so on
(25:29) but yeah if you if you're lucky to find something vacant usually it's got a premium price on it because of that so if you find one at a good price they fly off yeah no interesting with the Bitcoin scenario we saw a crash are you hearing that from any buyers saying I've missed the boat I'm going to wait or on the other hand from what you're telling me I'll just buy a bit further out and it's cheaper and I get a post payment and banned over payment plan and in 10 years it'll it won't be
(25:56) too far out people have been saying it for the past 18 months okay yeah that someone will be right but I think that a lot of people try to time the market but I think the longer the best thing to consider is time in the market I think that's how you're going to make sustainable returns over a prolonged period of time no one can time the market perfectly but I think if you spend enough time in the market you'll always have them upside because it's real estate and traditionally that does well yeah we would never advise someone
(26:23) to purchase a property guarantee them a return in two years one we can never know what the market will do but if you're prepared to sit on it long term you will always win eventually right yeah interesting just don't you just got to make sure that you're not making it you can afford to have that long term and it always wins property and that goes back to your question of why do people put money into property instead of external things because it's tangible you know it's there you can see
(26:50) it and for me that's security and they are maybe better Investments out there in terms of returns but the risk side is so much more upside yeah I just think yeah like I said if you've got that still in 10 years you're probably a winner so Charlie um we talked about uh what's going on and we're looking at the quarter one highlights it is our biggest quarter ever and like I said I don't like to Bangla to run too much on that because I think there's a lot of brokerages celebrating with us which is great news
(27:17) but what are the possible reasons for this um I actually was having a coffee with a lady who comes from a part of the world that I used to live in and she told me that she was leaving Dubai and I think looking back at my expression I was like you what you're leaving Dubai are you insane I can't ever remember saying that to someone and I know Tom you deal with a lot of leasing landlords and tenants there's a lot of people that come and go but for me it was just why are you mad what is going on but
(27:49) what are you what is the reason that we have celebrated our best quarter at house and house in 10 years the market naturally yeah I think your your friend that you're discussing there she can leave the Bible she can still buy a house in Dubai yeah she could still invest from Wales I'm guessing yeah into the Dubai market so again that could still help us generate uh Revenue I think coupled with where we're at as a business if you compare the sales team from today to this time last year we're now sitting at over 90 residential sales
(28:24) Consultants they've all got more experience they're all more familiar with the market and more familiar with the process so a bit like we were saying about the Real Estate Investors for flipping it's like a a few things coming together for it to to go up it's the same for us as a business yeah the Market's doing really well the team's really strong it's only growing um and all of the reasons behind that of what the government incentives developers bringing new projects to Market rents being higher buyers needing
(28:55) to maybe choosing to buy a home as opposed to rent because arguably it's cheaper the mortgage rate stabilizing for the first time in a few months I I think all of these things together again just come back to the sentiment of well I'll just buy a house and I think that's what's working well yeah Tom I looked at the data you were moving on an average 170 families per month along with your team what were you seeing on the ground in the first quarter it's just very busy very busy it's uh
(29:26) people always wait to make decisions to procrastinate to the New Year don't they a lot of the time I'll do that in the new year that was out the first quarter and we always have busy cook to be honest we're busy for the last two years yeah flat out post covered and I think that linking with what Charlie said is that we've grown as a team I've got over approaching 60 brokers in the team now naturally there's a lot of inexperience that comes through because we get people to come through the leasing team first
(29:54) generally to learn the foundation how this job works but I think with that it's kind of like the analogy of we were speaking about you know when people renovate homes yeah make them nice that's kind of like what we've done as a business yeah we've got more recruiters we've got more trainers yeah we've got nicer offices and better you know bigger marketing teams to all support us as a business and so we've kind of renovated our own houses such and improved processes and as a bigger company we need to refine
(30:22) them person we do it really well so the quality we get so many CVS the quality of broker that comes through from day one is better than it ever has been the training is better in my opinion than it ever has been as well as we have them dedicated roles so we and we have an after training program as well for three months yeah so you know they really are looked after and we're getting a wealth of knowledge and that does naturally improve performance and customer experience the most important thing yeah because that's how we know how we get
(30:49) our business yeah but um yeah it's rental prices are going up a lot of demand still here yeah naturally then that that helps us as a business that is why we have like done very very well in the universe makes sense I like how you said we've renovated our house I think that's uh there's been a lot of a little bit cliche yeah but but we have there's been a lot of time and effort that's gone into housing house and you know I think you touched on the marketing team which is is around 25 people strong and you
(31:17) know there's a series of different different professions within this going from social media to SEO people to videographers to I know and on that I think a lot of the Brokers might naively or ignorantly sit and wonder what they do if they don't understand how the insides of a business work but I always try and put this in perspective for instance we had a campaign that went out there but they've got a lovely brand new building in Port delamere lovely place in Dubai that we've got exclusive 40 units
(31:43) Christian and our marketing team brand campaign manager he's got access then to about 60 000 contacts that he sent was you know relevant to that price point in our databases we've been here since 2013 we've got a lot of data in there a lot of clients and that's the power of having that marketing team here and not even having to Market Brokers join us from other companies and they tell me about conversations that they're having with landlords and people now that they've there's foreign because
(32:13) before that if they were a smaller company or a less well-known company they were almost having to have arguments about even getting their foot in the door because the landlord didn't know who they were which company there's that lack of trust from day one whereas we've got the awards and so on and so of other companies which is great but the fact is that we have these you know Camp our brand awareness is so the reach fits so far that when we speak to someone it's a very very small chance that
(32:38) they've not heard of house and house and they can easily look us up and see with the credibility behind us yeah and that helps us as a business Temple and that is very massively down to that marketing team so they do a great job with that to support the Brokers I agree agree so yeah it all works Dubai is booming uh this room is getting hot I don't know whether we've got an AC issue uh we're running at our times but thanks as always to our listeners today um I hope we've managed to give you an insight to
(33:03) what's going on um it's been a pleasure to share our insights and great stories with you and like I said initially we've got 20 plus market reports so you can delve deeper on that or get in touch if there's any questions or information that you require um lots of hot books to discuss there's always a lot to go on in the Dubai property market so please don't forget to subscribe whatever Channel you're listening on so you're notified when we drop new episodes you can follow us at
(33:27) Hassan house on Instagram Facebook and Linkedin and we also release some a monthly newsletter with all our latest updates and insights which you can access from our website we include all the links in the show notes talk soon [Music]