Highlights include:
- There were 37 commercial real estate transactions priced above Dh50 million in Q1 2019
- 13 property deals were valued over Dh100 million
- There have been five hotel transactions involving Emaar worth Dh1.757 billion in April 2019
Dubai: The first four months of 2019 have seen a spate of high-value commercial real estate transactions in Dubai, according to the Research and Data team at Property Finder, the MENA region’s leading property portal.
There were 37 commercial real estate transactions priced above Dh50 million in Q1 2019, of which 13 property deals were valued over Dh100 million. These mostly involved schools, hospitals and land plots acquired by master developers.
For instance, Emaar purchased Arabian Ranches 3 land plots for a cumulative Dh325 million in February 2019.
There have also been five hotel transactions involving Emaar worth Dh1.757 billion in April 2019. Emaar Hospitality Group sold the Address Dubai Mall, Address Boulevard, Address Dubai Marina, Vida Downtown and Manzil Downtown to Abu Dhabi National Hotels in this transaction.
Off-plan vs secondary
The first quarter of 2019 continued to see a balance between off-plan and secondary market transactions in Dubai. A total of 9,317 transactions worth Dh21.16 billion were registered in Dubai between January to March 2019.
This balance denotes the market stabilising and is a sign of a mature real estate market, dominated by both investors and end-users.
“Market activity is not slowing down and we have seen many signs of maturity over the last year. Construction is in full swing across many projects, new areas are coming to fruition and units are being completed. We are also seeing a healthy number of transactions in both off-plan and secondary markets,” said Lynnette Abad, Director of Research and Data, Property Finder.
The emirate witnessed a marginal 0.65% annual increase in the volume of transactions in Q1 2019 whereas the overall value of deals clinched in the same period rose by 7.9% compared to Q1 2018.
In terms of volume, both off-plan (4,967) and secondary market (4,350) deals had an almost equal split. In value terms, secondary market deals accounted for Dh13.31 billion whereas off-plan transactions netted Dh7.85 billion.
Communities like Dubai Hills Estate, Downtown and Business Bay witnessed the top off-plan transactions in Q1 2019.
Business Bay, International City, Dubai Marina and Palm Jumeirah accounted for the top secondary transactions in Dubai in the same timeframe.
Villa/townhouse transactions
In the off-plan market, the top sold villa/townhouse communities were Emaar South in Dubai South, Arabian Ranches 2 and Dubai Hills Estate. The top sold off-plan villa/townhouse projects were the Expo Golf Villas in Dubai South and Camelia and Reem sub-communities in Arabian Ranches 2.
In the secondary market, end-users purchased most villas/townhouses in communities such as Emirates Living (Springs, Lakes and Meadows), Arabian Ranches and Al Furjan, according to Property Finder data.
Apartment transactions
In the off-plan market, the top sold apartment communities were Dubai Hills Estate, Downtown and Business Bay while the top sold apartment projects were Emaar Beachfront, Seven City – JVT and Socio at Dubai Hills Estate.
In the secondary market, end-users purchased most apartments in established communities such as Dubai Marina, Palm Jumeirah and International City. In terms of specific projects, most apartments were sold in International City clusters and Royal Amwaj (Anantara) Residences Palm.
About Property Finder – www.propertyfinder.ae
Property Finder is the leading digital real estate platform in the Middle East and North Africa region 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 startup, 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 acquisition of JRD Group, following an increased investment in Turkish portal Zingat in April 2019.
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.
For media enquiries, please contact Anna Lucas Southgate
anna@propertyfinder.ae
+971 55 115 9971
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