Properties’ homes, both off-plan and in the secondary market, were traded the most in Dubai in the first nine months of this year, according to Property Finder Group, a leading UAE-based real estate portal.
Buyers gravitated towards properties built by Emaar, going by the sheer volume of sales registrations until September 30 this year, stated Property Finder Group, citing the statistics from its real estate insights and data platform Data Finder.
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 per cent, which is strong evidence of heightened buyer interest in Emaar-built properties.
Lynnette Abad, the director of data and research at Property Finder, said: "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."
"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," stated Abad.
In that interview, Sajwani had stated that Damac has dramatically reduced new sales in the past two years and was now focus on selling properties in its inventory.
"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," she added.
On the off-plan scenario, the UAE portal said the key Dubai developers who witnessed a big spike in their sales volume from January to September 30 were Emaar, Seven Tides International, Dubai Properties Group, Meraas and Dubai Hills Estate.
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, it stated.
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,” remarked Abad.
Meanwhile, Emaar Properties also accounted for the lion’s share of project handovers in Dubai in the past six months followed by Mag 5 Property Development, Danube Properties, Nshama and Jumeirah Golf Estates, stated the report.
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, it added.-TradeArabia News Service
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