Emaar sees 260% annual rise in off-plan property sales in 2019
Dubai-based developer registered 8,600 off-plan property sales last year
Emaar Properties continues to dominate the Dubai real estate market in terms of the number of off-plan sales transactions registered in 2019, according to statistics analysed by Data Finder, the real estate data platform under the Property Finder Group.
Dubai’s largest listed developer registered 8,600 off-plan property sales overall in 2019, an increase of 260% compared to 2018.
Emaar commanded an overall market share of 36% among Dubai developers, said Data Finder.
Emaar’s joint venture with Meraas, Dubai Hills Estate, registered 1,455 off-plan transactions, a 67% annual increase in sales transactions. This joint venture between two of Dubai’s leading developers commanded six percent of the off-plan market, Data Finder found.
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 $6.8bn (AED 25bn) project called The Valley on the Dubai-Al Ain Road and Phase 3 of Arabian Ranches.
“I believe this year will see significantly less 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.
Damac Properties accounted for 8.9% of Dubai’s off-plan market share in 2019, Data Finder research found.
Damac, 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% from 2018. Damac focused on deliveries in its master communities Damac Hills and Akoya last year.
Dubai Properties Group (DPG) followed in third place with a market share of 8%, said Data Finder.
DPG, a 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%.
Azizi Developments registered 1,426 off-plan sales in 2019 and had a 6% off-plan market share.
Meraas clocked in 1,162 off-plan transactions, an increase of 528% compared to 2018. Meraas accounted for four percent of the off-plan market. The developer launched the Cherrywood Townhouses on Al Qudra Road last year.
Other private developers such as Seven Tides International, MAG Group, Danube Properties, the First Group, Deyaar and Nshama also increased the volume of their off-plan transactions last year.
Seven Tides registered an increase of 228% in off-plan sales transactions last year, primarily on account of buyer interest in its SE7EN City JLT and SE7EN Residences The Palm projects.
Emaar developments dominated sales in the secondary ready market too, registering 2,299 such transactions in 2019, an annual increase of 12%.
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.