- Emaar commanded a share of 36 percent of the off-plan market in 2019
- Damac, Dubai Properties, Azizi and Meraas round up the list of top 5 developers in 2019
Dubai: Emaar Properties continues to dominate the Dubai property market in terms of the number of off-plan sales transactions registered in 2019, according to publicly available statistics analysed by Data Finder, the real estate insights and data platform under the Property Finder Group.
Dubai’s largest listed developer registered 8,600 off-plan property sales overall in 2019, a whopping increase of 260 percent compared to 2018. It was, therefore, the leader of the pack among Dubai developers commanding a market share of 36 percent.
Emaar’s joint venture with Meraas, Dubai Hills Estate LLC, registered 1,455 off-plan transactions, a 67 percent annual increase in sales transactions. 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.
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 AED25 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, Director of Data and Research, Property Finder.
In second place was Damac Properties, accounting for 8.9 percent 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, an increase of 2 percent 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 percent. 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. Meraas clocked in 1,162 off-plan transactions, an increase of 528 percent compared to 2018. Meraas accounted for 4 percent of the off-plan market. The developer launched the Cherrywood Townhouses on Al Qudra Road last year.
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 percent in off-plan sales transactions last year, primarily on account of buyer interest in its SE7EN City JLT and SE7EN Residences The Palm projects.
Secondary market
Emaar developments dominated sales in the secondary ready market as well, registering 2,299 such transactions in 2019, an annual increase of 12 percent. Projects developed by Nakheel 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.
To summarise, Dubai’s master developers continued to dominate off-plan and secondary market sales in 2019.
-Ends-
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
+971 55 115 9971
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
