Dubai developer Emaar Properties accounted for the largest share of project handovers in Dubai in the past six months, according to figures from Data Finder – part of the Property Finder Group.
Dubai Hills Estate, Emaar’s master community located on Al Khail Road, has seen the maximum number of project handovers, the report said.
Some of the sub-communities that were handed over 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).
“Dubai Hills has been quite the popular location for investors and end-users,” said Lynnette Abad, director of Data and Research, Property Finder.
“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 Dhs2.8m while an average transaction price for an apartment is Dhs1.1m, 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 Dhs38.3m and Dhs40m,” She said.
Some of the other project handovers in Dubai during the period include –
* The 8, a 200-apartment project by Kuwaiti developer IFA Hotels and Resorts on the Palm Jumeirah
* 373 apartments in Sparkle Towers, 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
* 519 apartments in Select Group’s Marina Gate 2 Residences in Dubai Marina
* 223 apartments in Al Batha Tower on Sheikh Zayed Road
* La Riviera Estates (144 apartments), Taraf Residence and AKA Residence, all in Jumeirah Village Circle\
Other developers in Dubai that saw major handovers since March this year include –
* Mag 5 Property Development – which handed over 1,442 apartments in its Mag 5 Boulevard project in Dubai South
* Danube Properties – which handed over 446 apartments in its Starz (formerly called Ritz) project in Al Furjan
* Nshama – which handed over 680 apartments in its Zahra Breeze project in Town Square
* Jumeirah Golf Estates – handed over 95 villas in its Al Andalus sub-community this year
“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,” the report said.
“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.”