Emaar dominates Dubai property market with $3.56bln deals

Emaar alone accounted for 4,756 transactions in the first six months

Image used for illustrative purpose. The corporate logo of EMAAR is seen in Dubai, United Arab Emirates, December 28, 2018.

Image used for illustrative purpose. The corporate logo of EMAAR is seen in Dubai, United Arab Emirates, December 28, 2018.

REUTERS/ Hamad I Mohammed

Dubai developer Emaar Properties had dominated the Dubai real estate landscape during the first six months, both in terms of transactional volume and value of overall properties registered including residential (apartments, villas/townhouses) and commercial properties, according to a report

In the first half, the Dubai Land Department (DLD) had registered a total of 18,681 total transactions, with Emaar accounting for 30 per cent of those deals, stated Data Finder, a real estate insights and data platform under the Property Finder Group, citing DLD statistics.

The developer of iconic Burj Khalifa is seeing a great deal of interest for projects being built under its joint venture with Meraas, Dubai Hills Estate. Meraas is a local developer responsible for projects like Bluewaters Island, La Mer and City Walk.

Emaar alone accounted for 4,756 transactions cumulatively worth Dh13.1 billion ($3.56 billion) in the first six months. Transactions cumulatively worth Dh40.3 billion were registered in Dubai in the same timeframe, according to DLD statistics.

“Despite many noting the overall price declines across Dubai, we are continuing to see healthy sales numbers, which will continue to fuel the economy as everyone looks toward the Expo 2020,” remarked Lynnette Abad, the director of data and research, Property Finder.

In terms of value, Emaar accounted for almost 40 per cent of the total value of transactions in the first six months of 2019. Emaar units were primarily sold in projects such as Downtown Dubai, Dubai Hills Estate, Dubai South, Dubai Creek Harbour, Dubai Harbour and Arabian Ranches 2.

Other top developers were Damac Properties, Nakheel, Dubai Properties, Azizi Developments, Seven Tides International, Danube Properties and MAG Group, she stated.

A distant second in the number of registered transactions, Damac Properties accounted for 1,476 registered real estate transactions collectively worth Dh1.7 billion. The developer saw good buyer interest in projects like Damac Hills and Aykon City in Business Bay.

The other big developer, Nakheel accounted for 1,129 registered property deals worth Dh2.25 billion in H1. These units were mostly in the Palm Jumeirah and International City.

Meanwhile, Dubai Properties Group said it had 868 registered transactions worth Dh1.8 billion. These units were in Dubailand (Arjan, Mudon), Business Bay (Executive Towers), Jumeirah Beach Residence, Remraam and Madinat Jumeirah Living.

In terms of just looking at off-plan transactions, Emaar dominated the volume of this segment, accounting for the lion’s share of 46 per cent. It also contributed 61 per cent of the value of off-plan transactions in H1 2019. The developer registered 3,590 off-plan transactions cumulatively worth Dh7.6 billion.

Dubai Hills Estate came second, taking up 11 per cent of the volume of off-plan transactions. The Emaar-Meraas JV saw 1,092 off-plan registered transactions worth Dh1.5 billion followed by Damac Properties which came third, responsible for 8 per cent of the volume of registered transactions.

In H1, the developer registered 840 off-plan transactions valued at Dh861.9 million, while Azizi Developments came behind it registering 682 transactions cumulatively worth Dh432.4 million. Dubai Properties Group saw 441 registered transactions worth Dh772.5 million.-TradeArabia News Service

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