Palm Jumeirah 2019 – Q2 Market Report
2019 Palm Jumeirah Q2 Market Report - Sales Transactions -
Transactions Recorded at Dubai Land Department (DLD)
Total Volume of Sales: 137 (53% Decrease than Q1 2019) - (19% Decrease than Q2 2018)
Total amount of Sales (AED): 618,100,000m AED (33% Decrease than Q1 2019)
Apartments Sold: 103 (56% Decrease than Q1 2019) - (75% of all sales in this period) - ( 32% Decrease than Q2 2018)
Villas Sold: 18 (28% Decrease than Q1 2019) - (50% Increase than Q2 2018)
Land / Plots Sold: 7 (Same as Q1 2019) - (75% Increase than Q2 2018)
Serviced Apartments Sold: 9 (63% Decrease than Q1 2019)
% Breakdown of overall volume of transactions for the development in Q2 - 2019
Properties That sold Between 0 - 2m AED = 70 (52% Of all transactions)
Properties that sold between 0 - 3m AED = 101 (74% Of all transactions)
Most Expensive Villas Sold (Top 4): 47.5m AED / 40m AED / 29m AED / 29m AED
Most expensive Apartments Sold (Top 4) :
33.694m AED – Palme Couture – Bedrooms Unknown
14.953m AED - Palme Couture – 4 Beds
14.9m AED– Serenia East – 4 Beds
7.541m AED– Muraba – 3 Beds
Average Price per SqFt for a Palm Property - 1,399 AED Per Sqft
Maximum Price Per SqFt Paid: 7,534 AED Sq Foot
Average Property Size Sold - 1,862 SqFt
Villa Transaction Prices in AED (These are for villas on the fronds and include both Nakheel standard villas as well as custom built villas which have larger plots and built up sizes)
Signature Villa Sizes (Nakheel & Custom built) : 47.5m, 40m, 29m, 29m, 20m, 19m, 16m, 16m
Garden Home Villa Sizes (Nakheel & Custom built): 17.5m, 16.9m, 15.75m, 9.3m, 9.125m, 6.741m, 6.3m
Townhouses (Can include Palma Residences and Canal coves): 4m, 3.269m, 2.8m
Quarterly stats taken from Reidin
The above statistics shows a significant drop in transactions when compared to Q1 2019 (Over 50%) Apartment sales still make up the bulk of transactions (over 75%) There were a number of high valued transactions in the Palme Couture, Serenia and Muraba developments underlining the demand for newer more modern luxurious offerings.
Buyers with budgets of 1m to 2.5m AED are dominating the market and new offerings of 1 beds with sea views at 1.4m AED and 2 beds with sea views from 2.4m AED is putting pressure on some of the older developments.
Villa sales are still very healthy despite the drop from Q1 with an average of 6 sales a month. The top 4 transactions alone totalling over 145m AED in value.
The general sentiment on the palm is that prices have plateaued and now is a good time to buy for clients that have a long term plan for Dubai or have been renting for a significant number of years.
Feel free to contact me if you are looking at buying, selling or renting. With over 10 years experience on the Palm Jumeirah I can give you upfront honest advise.
Associate Partner Keller Williams Real Estate Dubai
M: +971 (050) 505-4135
E : email@example.com
W : www.mrpalmjumeirah.com
We just sent you an email. Please click the link in the email to confirm your subscription!