Gulf Construction Online - Emaar tops Dubai six-month handover list

Real Estate

Emaar tops Dubai six-month handover list

01 November 2019

Leading UAE developer 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 totalling 2,535 units, says the supply data.

Some of the notable sub-communities that were handed over in Dubai Hills Estate during the period were Parkway Vistas (61 villas), Sidra 2 (422 villas), Mulberry at Park Heights Phase One and Phase Two (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.

According to Data Finder, Dubai Hills has been a 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 Dh2.8 million ($762,200) while an average transaction price for an apartment is Dh1.1 million,” says Lynnette Abad, director of Data and Research.

“There have also been two secondary sales in Hills Grove, a luxury villa sub-community in Dubai Hills, for Dh38.3 million and Dh40 million,” she notes.

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 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, leading to 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.

A few other big developers in Dubai have also handed over their projects since March this year, including Mag 5 Property Development delivering 1,442 apartments in its Mag 5 Boulevard project in Dubai South, and Danube Properties handing over 446 apartments in its Starz (formerly called Ritz) project in Al Furjan.