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)
33m, 22.8m, 19.2m, 18m, 18m, 17.5m, 16.9m, 16m, 15.5m, 10.52m
Garden Home Villa Sizes (Nakheel & Custom built):
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
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.
Associate Partner Knight Frank Middle East
M: +971 (050) 505-4135
E : firstname.lastname@example.org
W : www.mrpalmjumeirah.com
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