Emaar Properties, Dubai Hills Estate and Nakheel emerged as the top three developers that accounted for most property sales transactions in Dubai in the first two months of 2019, according to data from real estate portal Property Finder.
Looking at total transaction volumes, Emaar sold 1,374 homes in January and February 2019, accounting for 24 per cent of the total share.
Dubai Hills Estate, a joint venture between Emaar and Meraas, sold 601 of its homes, accounting for 10 per cent of the total market while Nakheel sold 359 homes, making up 6 per cent of the marketshare.
Other developers that registered positive residential sales in the first two months of the year were Damac Properties, Dubai Holding, Seven Tides International, Azizi Developments and Danube Properties, according to Property Finder.
In the last few months, master developers Emaar, Meraas and Dubai Holding have launched off-plan projects, while the other developers are more focused on clearing their existing inventory, the report stated.
In terms of value, Emaar again topped the list with property deals worth Dhs3.56bn, followed by Dubai Hills Estate with deals worth Dhs1.08bn and Dubai Holding with Dhs664m.
Investors are “profiting from off-plan projects that are priced right and which offer a generous payment plan from a developer with a proven track record”, Property Finder said.
Looking at off-plan sales volumes in January and February, Emaar Properties, Dubai Hills Estate and Dubai Holding again emerged as the top three developers. While Emaar sold 1,043 off-plan homes, with a 34 per cent market share, Dubai Hills Estate sold 539 homes (18 per cent) and Dubai Holding recorded 163 off-plan sales (5 per cent).
In terms of value of off-plan sales, Emaar came first with sales worth Dhs2.45bn, accounting for 49 per cent of the market, followed by Dubai Hills Estate with off-plan transactions worth Dhs688,200 (14 per cent market share) and Dubai Holding with Dhs308,242 worth of off-plan deals (6 per cent market share).
“In Dubai last year, we saw a number of long-time renters who converted to homeowners, in part due to attractive prices and payment plans in newly handed over projects,” said Lynnette Abad, director of Data and Research at Property Finder.
“The combined effect is a healthy trend where off-plan investors are profiting from affordable housing and the number of homeowners are also increasing.”
Dubai’s residential real estate market has been hit hard in recent years, with analysts predicting a further drop in prices this year, mainly due to new supply and lower oil prices.
While Savills has estimated that prices could fall by 5 to 10 per cent this year, S&P Global Ratings’ has said that the market could drop by 10 to 15 per cent in 2019 before stabilising in 2020.