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Dubai’s big names dominated property sales

Dubai’s big names dominated property sales

Arabian Business, 3 April, 2019

Dubai master developers Emaar Properties, Dubai Hills Estate and Nakheel accounted for the bulk of property sales transactions in Dubai in the first two months of 2019, according to new data from Property Finder.

According, Emaar sold 1,374 homes in January and February, representing 24 percent of the total.

Dubai Hills Estate – a JV between Emaar and Meraas – sold 601 homes (10 percent), compared to Nakheel’s 359 homes (6 percent).

Property Finder said the three companies are among the few developers to launch off-plan projects in the last few months, with most developers in Dubai focused on clearing their existing inventory.

Positive residential sales were also recorded by Damac Properties, Dubai Holding, Seven Tides International, Azizi Developments and Danube Properties, the data shows.

In terms of value, Emaar secured deals worth AED 3.56 billion, compared to AED 1.08 billion for Dubai Hills Estate and AED 664 million for Dubai Holding.

“In Dubai last year, we saw a number of long-time renters who converted to homeowners, in part due to attractive prices and payment plans in newly handed over projects,” said Lynette Abad, Property Finder’s director of data and research.

“The combined effect is a healthy trend where off-plan investors are profiting from affordable housing and the number of homeowners is also increasing,” she added.

In terms of off-plan sales, Emaar sold 1,043 homes (34 percent) compared to 539 homes (18 percent) for Dubai Hills Estate and 163 (5 percent) for Dubai Holding.

“Emaar share value has risen by 13% since the beginning of the year as they have taken over 49% of the market share in the first two months of 2019,” Lynnette added.

In terms of the value of off-plan sales, Emaar sold properties worth AED 2.45 billion, or 49 percent, compared to just AED 688,200 (14 percent) for Dubai Hills Estate and AED 308,242 (6 percent) for Dubai Holding.