Property Finder: Emaar handles most handovers in past six months
Dubai-listed developer delivered 2,535 units within its Dubai Hills Estate master community from March to mid-September
Dubai Financial Market-listed (DFM) real estate developer Emaar Properties handled the lion’s share of project handovers in Dubai during the past six months, according to real estate insights and data platform Data Finder, under the Property Finder Group, which showed in its supply data that Emaar’s master community Dubai Hills Estate, located on Al Khail Road, has seen the maximum handovers.
Property Finder told Construction Week that the handovers were recorded from March to mid-Septemeber in 2019.
According to the data platform’s report, the Dubai Hills Estate master community witnessed the handover of sub-communities, including Parkway Vistas with 61 villas; Sidra 2 with 422 villas; Mulberry at Park Heights Phase 1 and Phase 2 with 672 apartments; Fairway Vistas with 65 villas, and Maple 1 and 2 townhouses with 1,315 units.
Luxury projects handed over in the emirate during the last six months include, The 8, a 200-apartment project by Kuwaiti developer, IFA Hotels and Resorts on the Palm Jumeirah; Sparkle Towers, a 373-apartment project featuring a tie-in between Tebyan Real Estate, and Austrian 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.
Meanwhile, Mag 5 Property Development handed over 1,442 apartments in its Mag 5 Boulevard project in Dubai South; Danube Properties delivered 446 apartments in its Starz project in Al Furjan.
Nshama handed over 680 apartments in its Zahra Breeze project in Town Square; and luxury developer Jumeirah Golf Estates delivered 95 villas in its Al Andalus sub-community in 2019.
According to the Property Finder report, increased real estate supply is likely to result in further price declines in Dubai as developers work to complete projects before Expo 2020 Dubai, which will open its doors on 20 October 2020.
Commenting on Emaar’s handovers, director of data and research at Property Finder, Lynnette Abad, said: “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 $762,319.6 (AED2.8m), while an average transaction price for an apartment is $299,482.7 (AED1.1m), according to data on Data Finder.”
Abad added: “There have also been two secondary sales in Hills Grove, a luxury villa sub-community in Dubai Hills, for $10.4m (AED38.3m), and $10.9m (AED40m).