Emaar accounted for largest share of all property sales in Dubai in H1 – report
Emaar Properties recorded 4,756 transactions cumulatively worth Dhs13.1bn in the first six months of this year, accounting for the largest share of all property sales in Dubai, a report has found.
Emaar emerged as the top developer both in terms of transactional volume and value of overall properties – both residential and commercial – registered in H1 2019, according to Dubai Land Department (DLD) data analysed by online portal Property Finder.
In the first half of 2019, the Dubai Land Department registered a total of 18,681 total transactions, with Emaar accounting for 30 per cent of those deals.
Meanwhile transactions cumulatively worth Dhs40.3bn were registered in Dubai between January- June, with Emaar accounting for almost 40 per cent of them.
Emaar units were primarily sold in projects such as Downtown Dubai, Dubai Hills Estate, Dubai South, Dubai Creek Harbour, Dubai Harbour and Arabian Ranches 2, the report said.
Other top developers in H1 2019 were Damac Properties, Nakheel, Dubai Properties, Azizi Developments, Seven Tides International, Danube Properties and MAG Group.
Damac Properties recorded 1,476 registered real estate transactions collectively worth Dhs1.7bn. The developer saw interest in projects like Damac Hills and Aykon City in Business Bay.
Meanwhile Nakheel accounted for 1,129 registered property deals worth Dhs2.25bn in H1. These units were mostly in the Palm Jumeirah and International City.
Dubai Properties Group had 868 registered transactions worth Dhs1.8bn, with the units sold in Dubailand (Arjan, Mudon), Business Bay (Executive Towers), Jumeirah Beach Residence, Remraam and Madinat Jumeirah Living.
Off-plan transactions
In the off-plan market, Emaar registered 3,590 off-plan transactions cumulatively worth Dhs7.6bn, accounting for the largest volume of transactions at 46 per cent. It also contributed to 61 per cent of the total value of off-plan transactions in H1 2019.
Dubai Hills Estate came second, taking up 11 per cent of the volume of off-plan transactions. The Emaar-Meraas JV saw 1,092 off-plan registered transactions worth Dhs1.5bn.
Damac Properties came third, accounting for 8 per cent of the volume of registered off-plan transactions with 840 transactions valued at Dhs861.9m.
“Despite many noting the overall price declines across Dubai, we are continuing to see healthy sales numbers, which will continue to fuel the economy as everyone looks toward the Expo 2020,” said Lynnette Abad, director of Data and Research, Property Finder.
first published in Gulf Business 16.07.2019