Return to site

Palm Jumeirah 2020 – Q3 Market Report

Palm Jumeirah 2020 – Q3 Market Report

2020 Palm Jumeirah Q3 Market Report - Sales Transactions - 

Transactions Recorded at Dubai Land Department (DLD)

Total Volume of Sales: 159(77% Increase than Q2 2020)

Total amount of Sales (AED): 743,170m AED (78% Increase than Q2 2020)

Apartments Sold: 96 (62 in Q2 2020) (60% of all sales in this period)

Villas / Townhouses Sold: 38(18 in Q2 2020) - (24% of all sales in this period)

Land / Plots Sold: 11(2 in Q2 2020) - (7% of all sales in this period)

Serviced Apartments Sold: 14 (8 in Q1 2020) - (9% of all sales in this period)

Transactions between 0 - 2m AED = 83 (52% of all transactions)

Transactions that sold between 0 - 3m AED = 101 (64% of all transactions)

Transactions above 5m AED = 47 (30% of all transactions)

Most Expensive Villas Sold (Top 4):

33m AED – Signature Villa

22.8m AED – Signature Villa

19.2m AED – Signature Villa

18m AED - Signature Villa

Most expensive Apartments Sold (Top 4):

21m AED – 5 Palm Jumeirah – Apartment

14.5m AED – Palme Couture

13m AED – Serenia Residences

9.5m AED – Oceana Residences (Pacific)

Average Price per SqFt for a Palm Property – 1,209 AED Per Sqft

Maximum Price Per SqFt Paid: 4,115 AED Per Sqft

Average Property Size Sold – 2,096 SqFt

Villa Transaction Prices in AED

(Villas on the fronds include both the Nakheel standard villas as well as custom built villas which have larger plots and built up sizes)

Signature Villa Sizes (Nakheel & Custom built)

10 Transactions:

33m, 22.8m, 19.2m, 18m, 18m, 17.5m, 16.9m, 16m, 15.5m, 10.52m

----

Garden Home Villa Sizes (Nakheel & Custom built):

21 Transactions

12.15m, 9.4m, 8.5m, 8.5m 8.5m, 8.42m, 8.2m, 8m, 7.9m, 7.85m, 7.8m, 7.7m, 7.6m, 7.5m, 7.4m, 7.25m, 7.145, 7m, 7m, 6.5m

----

Townhouses:

5.8m (Palma Residences)

4.7m (Canal Cove – 4 Bed)

4.050m (Canal Cove – 3 Bed)

3.8m (Canal Cove – 3 Bed)

Off Plan Sales - Oqood Issued

Total Volume of Sales: 172

Total amount of Sales (AED): 261,570,000 AED

Apartments Sold: 23
 

Serviced Apartments Sold: 97 (Mainly in Seven Residences)

Average Price per Sqft: 1,869 AED Sqft

Maximum Price for Sqft Sold: 3,299 AED Sqft

Most Expensive Off Plan Properties Sold in AED (Top 4)

23m – One By Omniyat

18m – Balqis Residences - Villa

12.052m - Balqis Residences - Apartment

11.68m - One By Omniyat

Overall Sales of Off Plan & Ready Properties Q3 2020

Total Volume of Sales: 331

Total amount of Sales (AED): 1,004,740,000 AED

Apartments Sold: 119

Villas Sold: 40

Land Sold: 11
Serviced Apartments Sold: 111

Quarterly stats taken from Reidin – Please note we do not take any responsibility for the authenticity of the figures.

The above statistics show healthy number of transactions for Q3 2020 despite the current challenges faced with the Covid-19 pandemic.

Apartment sales make up the bulk of transactions with the high value transactions for the boutique development of One Palm.

Buyers with budgets of 0m to 3m AED are dominating the secondary market with 64% of transactions. 30% of transactions were for 5m + AED which shows a very healthy demand for the luxury sector and a big increase from the previous quarters.

Villa sales saw a very sharp increase compared to the previous quarter, with more than double the number of transactions from the previous months.

The villa market has always proven to have its own micro market and with so many transactions happening we are seeing price expectation increasing with the demand being higher than the current villa supply. This has been witnessed both in sales and rentals transactions.

The top 5 resales transactions alone equated for over 114m AED worth of transactions.

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 advice.

If you require a more in-depth breakdown of transactions for your chosen development, please do message me.

Yasin Valimulla

Associate Partner Knight Frank Middle East

M: +971 (050) 505-4135

E : yasin.valimulla@me.knightfrank.com

W : www.mrpalmjumeirah.com

All Posts
×

Almost done…

We just sent you an email. Please click the link in the email to confirm your subscription!

OK