- There were 7,214 sales registrations involving homes built by Emaar in the first nine months of this year
- Consumers are seeking reliable developer credentials, prime location and build quality, especially in the secondary market
- Trend of fewer launches and focus on project completions to continue next year
Dubai: Emaar Properties’ homes, both off-plan and in the secondary market, were traded the most in Dubai so far this year. Buyers gravitated towards properties built by Emaar, going by the sheer volume of sales registrations until September 30 this year, as per statistics from Data Finder, a real estate insights and data platform under the Property Finder Group.
There were 7,214 sales registrations involving homes built by the Burj Khalifa developer in the first nine months of this year compared to 3,212 transactions in the same period last year. This is a whopping increase of 125 percent, which is strong evidence of heightened buyer interest in Emaar-built properties.
“Emaar has an outstanding reputation, delivering quality homes in well-designed and thought out master planned communities. When consumers are looking to buy property in the secondary market, these are important factors. They look for homes that have been built well and communities that offer many amenities,” says Lynnette Abad, Director of Data and Research, Property Finder.
These numbers assume significance against the backdrop of recent comments made by Damac Properties chairman Hussain Sajwani who referred to Emaar in a Bloomberg interview on residential oversupply in Dubai.
Damac has dramatically reduced new sales in the past two years and will focus on selling properties in its inventory, the chairman had said.
To put things into perspective, we have put together the demand for homes built by other big developers in the first nine months of this year: 2,294 sales for Damac Properties, 1,653 sales for Nakheel, 1,639 sales for Dubai Properties Group, 1,213 sales for Azizi Developments and 827 sales for Danube Properties.
Developers that saw a big spike in off-plan sales volume from January to September 30 were Emaar, Seven Tides International, Dubai Properties Group, Meraas and Dubai Hills Estate LLC.
Dubai has registered a total of 18,164 off-plan residential sales so far in 2019 compared to 12,605 transactions in the secondary market. The areas that dominated off-plan sales have been Dubai South, Business Bay, Villanova, The Lagoons and Downtown Dubai, according to Data Finder statistics.
Despite the polarising debate on oversupply, Dubai has seen fewer project launches, a total of 68 both in the freehold and non-freehold areas in Dubai so far in 2019. Dubai Creek Harbour, Mohammed Bin Rashid City and Dubailand were communities which saw most project launches in Dubai in 2019.
“I believe we are going to see this trend expand into next year, with fewer new projects launched as developers will be focusing on completing their current projects,” adds Abad.
Meanwhile, Emaar Properties also accounted for the lion’s share of project handovers in Dubai in the past six months. Other big developers who handed over projects are Mag 5 Property Development, Danube Properties, Nshama and Jumeirah Golf Estates.
In terms of supply, 37,250 residential units in freehold and non-freehold projects have been completed so far in Dubai this year, going by Data Finder statistics. Of this, 1,836 units have been completed in October alone.
About Property Finder – www.propertyfinder.ae
Property Finder is the leading property portal in the MENA region and Turkey that facilitates the house-hunting journey for both buyers and renters.
Founded in 2007, the website has evolved over the years as the go-to platform for developers, real estate brokerages, and house hunters to make informed decisions on all things real estate.
A UAE-born start-up, Property Finder has branched out of the country’s shores and operates in a total of seven markets, including Qatar, Bahrain, Saudi Arabia, Lebanon, Egypt, and Morocco, and has a significant stake in the second-largest property portal in Turkey, which has over 6 million monthly visitors and more than 18,000 real estate agents.
US private equity firm General Atlantic led Property Finder’s latest round of investment of a total of $120 million in 2018. This is being used to hire further exceptional talent and investing in its technology and product capabilities.
The property portal employs over 450 employees globally, of which 204 people work out of its Dubai office, and generates over six million monthly visits as a Group.
In April 2019, Property Finder announced the acquisition of JRD Group, following an increased investment in Turkish portal Zingat.
In 2014, Property Finder acquired eSimsar.com, the top property portal in Saudi Arabia, while in 2013, the Group bought out realestate.com.lb, the number 1 property portal in Lebanon, and lastly, the acquisition of Selektimmo, a Moroccan portal, to pad out sarouty.ma, Property Finder’s Moroccan offering, in 2016.
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