Dubai-based developer Emaar Properties is focusing on completing its projects and has accounted for most handovers in the last six months, according to the Property Finder Group.
Dubai Hills Estate, Emaar's master community in Mohammed Bin Rashid City, has handed over a huge number of properties in its sub-communities. It includes Parkway Vistas (61 villas), Sidra 2 (422 villas), Mulberry at Park Heights Phase 1 and Phase 2 (672 apartments), Fairway Vistas (65 villas) and Maple 1 and 2 townhouses (1,315 units).
“Dubai Hills has been quite the popular location for investors and end-users. Since completion and handover of a few sub-communities, 251 units have sold in the secondary market and the average transaction price for a villa is AED 2.8 million while an average transaction price for an apartment is AED 1.1 million," said Lynnette Abad, Director of Data and Research, Property Finder.
Meanwhile, a few luxury projects were also handed over in Dubai over the last six months. They include The 8, a 200-unit project by Kuwaiti developer IFA Hotels and Resorts on the Palm Jumeirah; Sparkle Towers, a 373-unit joint venture between Tebyan Real Estate and crystal brand Swarovski in Dubai Marina; 578 luxury serviced apartments in Emaar’s The Address Residences Fountain Views in Downtown Dubai; and 519 apartments in Select Group’s Marina Gate 2 Residences in Dubai Marina.
Other big developers with handovers included Mag 5 Property Development, Danube Properties, Select Group, Nshama and Jumeirah Golf Estates, according to supply data tracked by Property Finder.
Mag 5 handed over 1,442 apartments in its sprawling Mag 5 Boulevard project in Dubai South. Danube Properties handed over 446 apartments in its Starz (formerly called Ritz) project in Al Furjan.
While Nshama handed over 680 apartments in its Zahra Breeze project in Town Square, luxury developer Jumeirah Golf Estates (JGE) handed over 95 villas in its Al Andalus affordable sub-community this year.
Smaller private developers too went ahead with project handovers this year. Some of these were Al Batha Tower (223 apartments) on Sheikh Zayed Road, and La Riviera Estates (144 apartments), Taraf Residence and AKA Residence, all in Jumeirah Village Circle.
With most developers focusing on completing their projects before Expo 2020 rather than launching new ones, the increase in supply is expected to lead to further dips in property prices in Dubai.
(Writing by Mily Chakrabarty; editing by Anoop Menon)
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