Leading regional developer Emaar continues to dominate the Dubai property market in terms of the number of off-plan sales transactions registered last year, with a 36 per cent market share, said a report by Property Finder Group.
Dubai’s largest listed developer registered 8,600 off-plan property sales overall in 2019, a whopping increase of 260 per cent compared to 2018. It was, therefore, the leader of the pack among Dubai developers commanding a market share of 36 per cent, according to statistics analysed by Data Finder, the real estate insights and data platform under the Group.
Emaar’s joint venture with Meraas, Dubai Hills Estate, registered a total of 1,455 off-plan transactions in 2019, up 67 per cent over the previous year.
This joint venture between two of Dubai’s leading developers commanded 6 percent of the off-plan market. If this were to be added to Emaar’s sales, the master developer’s market share and number of transactions would increase further in 2019, it stated.
While most developers focused on deliveries and selling existing inventory in 2019, Emaar Properties continued to launch projects, with the most prominent ones being a Dh25 billion project called The Valley on the Dubai-Al Ain Road and Phase 3 of Arabian Ranches.
“I believe this year we will see a significantly less amount of project launches as the majority of developers will be concentrated on completing their existing projects and selling their primary, ready stock. The new Higher Real Estate Planning Committee will most likely have a major influence on this as well,” said Lynnette Abad, the director of Data and Research, Property Finder.
In second place was Damac Properties, accounting for 8.9 per cent of the off-plan market share last year. The developer, which owns and operates the Middle East’s sole Donald Trump-branded golf course, registered 2,098 off-plan transactions in 2019, up 2 per cent from 2018. Damac focused on deliveries in its master communities Damac Hills and Akoya last year.
Dubai Properties Group followed in third place with a market share of 8 per cent. The Dubai Holding subsidiary has been busy with launches in Madinat Jumeirah Living, a luxury residential development overlooking the Burj Al Arab, Serena and Villanova, its villa projects in Dubailand, as well as 1/JBR. The developer clocked in 1,895 off-plan sales, an annual increase of 103.5 percent.
Azizi Developments registered 1,426 off-plan sales in 2019 and had a 6 percent off-plan market share, according to the statistics analysed by Data Finder.
Meraas clocked in 1,162 off-plan transactions, an increase of 528 per cent compared to 2018. Meraas accounted for 4 per cent of the off-plan market. The developer launched the Cherrywood Townhouses on Al Qudra Road last year, it stated.
Other private developers like Seven Tides International, MAG Group, Danube Properties, the First Group, Deyaar and Nshama followed suit in terms of the volume of off-plan transactions last year.
Seven Tides registered an increase of 228 per cent in off-plan sales transactions last year, primarily on account of buyer interest in its SE7EN City JLT and SE7EN Residences The Palm projects.
In the secondary market sector too, Emaar dominated the sales registering 2,299 such transactions in 2019, up 12 per cent over the previous year followed by Nakheel which accounted for the second highest number of sales in this category, with 2,041 deals.
Damac projects registered 1,651 sales in the secondary market, it added.
Source: TradeArabia News Service
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