Highlights include:
- Other big developers with handovers are Mag 5 PD, Danube Properties, Select Group, Nshama and Jumeirah Golf Estates
- Developers are focusing on completing existing projects instead of launching new ones
- With developers working to complete projects before Expo 2020, the increased supply is likely to result in further price declines in Dubai, resulting in greater affordability for buyers and renters alike
Dubai: Emaar Properties accounted for the lion’s share of project handovers in Dubai in the past six months, according to supply data tracked by Data Finder, a real estate insights and data platform under the Property Finder Group.
Dubai Hills Estate, Emaar’s master community located on Al Khail Road, has seen the maximum number of project handovers, according to the supply data. Some of the notable sub-communities that were handed over in Dubai Hills Estate in the past six months were 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). The master community is emerging as a transactional hub, with several handovers under way.
“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, according to data on Data Finder. There have also been two secondary sales in Hills Grove, a luxury villa sub-community in Dubai Hills, for AED 38.3 million and AED 40 million,” said Lynnette Abad, Director of Data and Research, Property Finder.
There were a few luxury projects handed over in Dubai in the last six months. These include The 8, a 200-apartment project by Kuwaiti developer IFA Hotels and Resorts on the Palm Jumeirah; Sparkle Towers, 373 apartments in a project featuring a tie-in 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.
With developers working to complete projects before Expo 2020, the increased supply is likely to result in further price declines in Dubai, resulting in greater affordability for buyers and renters alike. Developers are also focusing on completing their existing projects instead of launching new ones. This will go a long way towards helping to absorb the residential supply in the market.
Other developer handovers
A few other big developers in Dubai have also handed over their projects since March this year. Mag 5 Property Development handed over 1,442 apartments in its sprawling Mag 5 Boulevard project in Dubai South. Danube Properties also handed over 446 apartments in its Starz (formerly called Ritz) project in Al Furjan.
Meanwhile, Nshama handed over 680 apartments in its Zahra Breeze project in Town Square. Luxury developer Jumeirah Golf Estates handed over 95 villas in its Al Andalus affordable sub-community this year.
Smaller private developers too went ahead with their 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.
About Property Finder – www.propertyfinder.ae
Property Finder is the leading property portal in the MENA region and Turkey that facilitates the house-hunting journey for both buyers and renters.
Founded in 2007, the website has evolved over the years as the go-to platform for developers, real estate brokerages, and house hunters to make informed decisions on all things real estate.
A UAE-born start-up, Property Finder has branched out of the country’s shores and operates in a total of seven markets, including Qatar, Bahrain, Saudi Arabia, Lebanon, Egypt, and Morocco, and has a significant stake in the second-largest property portal in Turkey, which has over 6 million monthly visitors and more than 18,000 real estate agents.
US private equity firm General Atlantic led Property Finder’s latest round of investment of a total of $120 million in 2018. This is being used to hire further exceptional talent and investing in its technology and product capabilities.
The property portal employs over 450 employees globally, of which 204 people work out of its Dubai office, and generates over six million monthly visits as a Group.
In April 2019, Property Finder announced the acquisition of JRD Group, following an increased investment in Turkish portal Zingat.
In 2014, Property Finder acquired eSimsar.com, the top property portal in Saudi Arabia, while in 2013, the Group bought out realestate.com.lb, the number 1 property portal in Lebanon, and lastly, the acquisition of Selektimmo, a Moroccan portal, to pad out sarouty.ma, Property Finder’s Moroccan offering, in 2016.
For media enquiries, please contact Anna Lucas Southgate
anna@propertyfinder.ae
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