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Palm Jumeirah Q1 2020 Market Report

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Palm Jumeirah 2020 – Q1 Market Report

2020 Palm Jumeirah Q1 Market Report - Sales Transactions - 

Transactions Recorded at Dubai Land Department (DLD)

Total Volume of Sales: 162 (2% Decrease than Q4 2019)

Total amount of Sales (AED): 498,800,000 AED (17% Decrease than Q4 2019)

Apartments Sold: 95 (115 in Q4 2019) – (59% of all sales in this period)

Villas / Townhouses Sold: 19 (14 in Q4 2019) - (9% of all sales in this period)

Land / Plots Sold: 13 (23 in Q4 2019) - (8% of all sales in this period)

Serviced Apartments Sold: 34 (8 in Q4 2019) - (21% of all sales in this period)

Transactions between 0 - 2m AED = 97 (60% of all transactions)

Transactions that sold between 0 - 3m AED = 120 (74% of all transactions)

Transactions above 5m AED = 26 (16% of all transactions)

Most Expensive Villas Sold (Top 4):

18,627m AED – Signature Villa

18,362m AED – Carat xx11

18m AED – Signature Villa

15m AED - Signature Villa

Most expensive Apartments Sold (Top 4):

25m AED – Five Palm Residences

17m AED – Palme Couture

15m AED– Palme Couture

6.75m AED– Serenia Residences

Average Price per SqFt for a Palm Property – 928 AED Per Sqft

Maximum Price Per SqFt Paid: 3,574 AED Per Sqft

Average Property Size Sold - 1,735 SqFt

Villa Transactions

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): 18.627m, 18m, 15m, 15m 12m

Garden Home Villa Sizes (Nakheel & Custom built): 9.35m, 8.8m, 8m, 6.6m, 6.425m, 6.24m, 5.825m

Carat XX11 : 18.362m AED

Zabeel Saray Villa: 15m AED

Townhouses: 6.2m (Palma Residences) | 4.7m & 4.5m (Canal Coves)

Off Plan Sales - Oqood Issued

Total Volume of Sales: 112

Total amount of Sales (AED): 179,790,000 AED

Apartments Sold: 14
 

Serviced Apartments Sold: 98 (Mainly in Seven Residences)

Average Price per SqFt : 2,168 AED Sqft

Maximum Price for Sqft Sold: 4,130 AED Sqft

Most Expensive Off Plan Properties Sold in AED (Top 5)

14m – Royal Atlantis Residences

12.5m - Royal Atlantis Residences

12.39m - Royal Atlantis Residences

10.25m - Royal Atlantis Residences

9.5m - Royal Atlantis Residences

Overall Sales of Off Plan & Ready Properties Q4 2019

Total Volume of Sales: 274

Total amount of Sales (AED): AED 678,590m

Apartments Sold: 109

Villas Sold: 19

Land Sold: 13
Serviced Apartments Sold: 166

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 Q1 2020 despite the current challenges faced with Covid-19 pandemic. Although the full effects will be noticeable in Q2 and Q3 dependant on how the current situation continues and how wide global impact it will have.

Prices according to leading consultancies dropped less than 1% on Palm Jumeirah apartments and remained stable for them villas when compared to the previous quarter.

Apartment sales make up the bulk of transactions with the high value transactions for the boutique developments such as Palme Couture and Five palm.

Buyers with budgets of 0m to 3m AED are dominating the secondary market with 74% of transactions. 16% of transactions were for 5m + AED which shows a healthy demand for the luxury sector.

Villa sales saw a slight increase compared to the previous quarter, that being said with the current price’s clients with a long-term vision for living in Dubai are appreciating the competitive prices.

The top 5 sales transactions alone equated for over 97m AED worth of transactions which makes up close to 20% of the overall transaction volume.

With the new restrictions in full force for the Covid 19 Pandemic the Q2 report will make for some interesting reading.

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 specific development, please do email me.

Yasin Valimulla

Associate Partner Knight Frank Middle East

M: +971 (050) 505-4135

E : yasin.valimulla@me.knightfrank.com

W : www.mrpalmjumeirah.com

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