According to latest data, in the first two month of 2019, several major players continued to dominate the Dubai property market, led by Emaar, the developer behind the world's tallest building Burj Khalifa.
Other big developers, namely, Dubai Hills Estate, Nakheel, Meraas, Damac Properties, Dubai Holding, Seven Tides International, Azizi Developments and Danube Properties, also registered sustainable growth in residential sales during January and February 2019, Property Finder’s latest research has revealed.
Emaar Properties sold 1374 units in the first two months of 2019, which accounted for 24 per cent of the total number of registered transactions, while Dubai Hills Estate sold 601 properties, which accounted for 10 per cent of total sales. The developer of The Palm, Nakheel, sold 359 real estate units, which is six percent of the total market share.
In financial terms, Emaar also led in Dubai real estate sales in the first two months having managed to sell AED3.56 billion ($969 million) worth amount of residential units, followed by Dubai Hills Estate with AED1.078 billion ($293 million) sales, and Dubai Holding with the total income of AED66 million ($17.9 million) from residential transactions concluded during the last two months.
"In Dubai last year, we saw a number of long-time renters who converted to homeowners, in part due to attractive prices and payment plans in newly handed over projects. The combined effect is a healthy trend where off-plan investors are profiting from affordable housing and the number of homeowners are also increasing," said Lynnette Abad, director of Data and Research at Property Finder.
As for under construction properties sales or those already finished, but not yet officially handed over (the off-plan), Emaar also took the leading position, having sold 1043 off-plan units in January-February 2019 (34 per cent market share in this segment), while Dubai Hills Estate sold 539 off-plan real estate units, which accounted for 18 per cent of all sales for this type of housing, and Dubai Holding made 163 deals for off-plan sales, which accounted for 5per cent of the total income of Dubai developers in the off- plan sector during the first two months of the current year.
In value terms, off-plan real estate sale deals closed by Emaar amounted to AED2.45 billion ($ 667 million), while Dubai Hills Estate and Dubai Holding registered AED688.2 million ($187.3 million) and AED308.2 million ($89.9 million) worth off-plan residential sales, respectively.
Meanwhile, another significant market participant, Danube Properties, has recently published data as for its 2018 performance, which showed that this developer’s sales made a huge jump of 78.5 per cent in the residential real estate segment, increasing the share of the off-plan property sales made by this company to 10.6 per cent in 2018, which was five percent up compared to the previous year.
Last year, Danube sold 1,869 residential properties worth a total of AED978 million ($266.2 million), while a year earlier the company sold only 1,047 real estate units worth AED820 ($223.2 million.) And yet, despite the difficult market conditions, Danube Properties recorded a 78.5 percent rise in total value of properties sold, and a 19.27 percent rise in the number of sales during the specified period.
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