Dubai property gains pace, realty deals hit Dhs4.7b

Inayat-ur-Rahman, Business Editor

The real estate and properties transactions valued at Dhs4.7 billion in total during the week.

116 plots were sold for Dhs654 million, 1,072 apartments and villas were sold for Dhs2.28 billion.

The top three transactions were a land in Island 2 sold for Dhs 56 million, followed by a land that was sold for Dhs 30.62 million in Hadaeq Sheikh Mohammed Bin Rashid, and a land sold for Dhs 56 million in Island 2 in third place.

Nad Al Shiba Third recorded the most transactions for this week by 21 sales transactions worth Dhs 59.14 million, followed by Jabal Ali First with 19 sales transactions worth Dhs 56.38 million, and Hadaeq Sheikh Mohammed Bin Rashid with 15 sales transactions worth Dhs 218 million in third place.

Emaar Development  achieved robust performance during the first six months (January to June) of 2021.

The developer reported its highest ever quarterly property sales of Dhs7.942 billion ($2.162 billion) in Q2 2021 (April to June) and Dhs 13.825 billion ($3.764 billion) in the first six months of 2021.

In the first six months of 2021 (January to June), Emaar Development reported a net profit of Dhs 1.512 billion ($412 million) and revenue of Dhs 7.755 billion ($2.111 billion), an increase of 46 per cent and 61 per cent compared to the first six months of 2020, respectively.

 “Emaar Development remains strongly committed to the delivery of premium luxury properties and to maintaining the highest quality of living experiences. This is in the DNA of our business and the key to our resilient financial performance.”

“We will continue to embrace digitalisation, form ground-breaking strategic partnerships, and improve efficiency by enhancing our customers’ experiences through technology. The partnership with Automobili Lamborghini is one such example, and we look forward to continuing our legacy of providing our customers with premium residential developments, enhanced by the world-class amenities, facilities and communities we create,” an Emaar spokesperson said.

Meanwhile, Reportage properties, the leading UAE real estate developer, revealed that sales exceeded  Dhs892  million January to July 2021, compared to Dhs424 million in the same period of 2020, a growth of about 110%.

The sales day, which was organized by the company last Saturday in Dubai, resulted in Dhs16m of sales amid high demand for housing units of “Reportage Properties” projects, led by the “Rukan Lofts” in Dubai, as well as the “Montenapoleone” project, which the company launched recently in “Mustakbal City” in New Cairo, Egypt.

Reportage Properties recently revealed the addition of new units in the “Rukan Lofts”, which is being developed in the “Dubailand” area in cooperation with “Continental Investment Company”. The move came after the company sold all the units of the project, which is to be delivered next year.

Islam Ahmed Suleiman, CEO, Reportage Properties said that Reportage’s strong sales during the current year, reflect the company’s ability to meet the requirements of its customers, the attractiveness of their projects, as well as the strength and stability of the UAE real estate sector performance and its ability to overcome the challenges associated with the repercussions of the “Covid 19” pandemic.

Reportage Properties sales during 2020,exceeded Dhs812m a growth of 125 percent compared to 2019.

Suleiman noted that the launch of new units of the “Rukan Lofts” project came after the company achieved strong sales, amid a significant increase in demand, especially in light of the competitive and attractive prices offered to buyers.

He pointed out to  the importance of launching the “Montenapoleone” project, which is their first project outside the UAE, in confirming the stability and strength of the company’s financial position, and its ability to develop more new projects inside and outside the UAE.

He explained that the sales day organized by the company recently received great demand for housing units in all of the company’s projects, especially “Rukan Lofts” and “Montenapoleone”, as well as the “The Gate” project in Abu Dhabi. That was due to the availability of attractive offers for buyers in all projects.

The “Rukan Lofts” project includes about 654 residential villas, while the “Rukan Tower” provides about 488 housing units, distributed between studios, one-, two- and three-bedroom apartments.

The new units were launched at prices starting from Dhs695.000 for a townhouse consisting of one room and a hall, and Dhs995.000 for a two-room townhouse.