Allsopp & Allsopp reported last week that Dubai property sales fell in April 2023 for the first time since December 2022, apparently causing concerns in the local market.

A war of words has broken out about the health of Dubai’s real estate market, with a city-based proptech firm re-assuring investors about an immediate rebound in the market, while dismissing a recent report about a sharp fall in property deals in April, apparently raising red flags about the sustainability of the current bull run.

‘Market analysts and investors should consider the seasonality and historical data when evaluating the Dubai real estate market. We caution investors against overreacting to short-term fluctuations and encourage a focus on the market’s strong fundamentals,’ Realiste, the proptech company specialising in AI-powered solutions for real estate investment, said in a report.

However, Allsopp & Allsopp said the Dubai real estate market registered a massive 33% fall in sales transactions and 18.3% in sales values in April, compared to the previous month. But the company added that: ‘The dip (in April) was due to several external factors such as reduced work hours, the Ramadan, Eid and Easter holidays, which led to fewer new properties coming to the market, followed by a drop in property sales viewings and less new sales transactions by the Dubai Land Department (DLD).’