2022 Palm Jumeirah Full Market Report For Secondary Market Properties
Total Volume Of Sales (Ready Built): 1,901 (50% Increase From 2021)
Total Amount Of Sales (Aed): 15.89 Billion Aed (58% Increase From 2021)
Apartments: 1,305 (49% Increase From 2021)
Villas: 180 (25% Decrease Than 2021)
Land: 107 (22% Increase From 2021)
Most Expensive Villa Sold 600m AED (2021 Most Expensive Villa Was 119.5m Aed)
Most Expensive residential villa Plot Sold: 30m AED
Most Expensive Apartment Sold 85m AED – One Palm (In 2021 Was 77m – 22 Carat)
Top 10 Residential Sales Deals 2022 (AED)
1. Palm Frond Villa (Tip Mansion) – Frond N – 600m
2. Palm Frond Villa – Frond G – 302.5m
3. Palm Frond Villa – Frond G – 300m
4. Palm Frond Villa – Frond N – 280m
5. Villa – 22 Carat – 145m
6. Palm Frond Villa – Frond N – 145m
7. Palm Frond Villa – Frond G – 130m
8. Palm Frond Villa – Frond G – 126.25m
9. Palm Frond Villa – Frond G – 95m
10.Villa - Six Senses – 89.5m
Average Price Per Sqft For A Palm Property – 2,041 AED Per Sqft (1,400 In 2021)
Maximum Price Per Sqft Paid: 22.000 AED A Sqft (16,000 In 2021)
Average Property Size Sold – 1,727 AED A Sqft (1,993 In 2021)
2022 Palm Jumeirah Full Market Report For Off Plan – Oqood Registered
Total Volume Of Sales : 1,338 (761 In 2021)
Total Amount Of Sales (AED): 11.96 Billion (4.37 Billion In 2021)
Apartments / Villas : 1,275 (293 In 2021)
Serviced Apartments: 171 (468 In 2021)
Most Expensive Apartment Sold 163.4m AED – Atlantis The Royal
Top 10 Residential Off Plan Sales in 2022 (AED)
1. Atlantis The Royal – 163.4m
2. Six Senses – 92.07m
3. Six Senses 89.5m
4. Six Senses – 87.11m
5. Six Senses - 82.5m
6. Six Senses – 82.17m
7. Six Senses – 81.8m
8. Six Senses – 81.12m
9. Atlantis The Royal – 62.92m
10.Palm Beach – 60.8m
Overall Sales of Off Plan & Ready Properties 2022
Total Volume of Sales: 3,239 (1,566 in 2021)
Total amount of Sales (AED): 27.85 Billion AED (12.3 Billion in 2021)
Above stats taken from Reidin– Please note we do not take any responsibility for the authenticity of the figures.
Brief 2022 Review
In terms of transaction volume, total transaction value, and highest valued transactions, the real estate market in Dubai and in particular the Palm had a very strong year. Below I briefly analyze the real estate market's performance in Dubaiand more over the Palm Jumeirah over the previous 12 months as well as what the coming year of 2023 may bring.
Since the introduction of the Dubai Freehold Decree, which permitted foreign ownership in 2002, the Dubai Land Department in 2022 recorded a record-breaking 97,398 sales transactions with a value of over AED 265.4 billion, making this the highest number of total sales transactions and sales value in a single year.
In comparison to 2021, we observed a startling 77% increase in sales value and an astounding 61% increase in year-over-year sales transactions.
Beachfront properties are currently in high demand, with property values rising faster than the broader Dubai real estate market. Since beachfront and waterfront properties still only make up 17% of the total stock, demand has outpaced supply, driving up prices.
With an 18% rise in high-net-worth foreign residents moving to Dubai in 2022, The stability of the nation, world events, and economic incentives including low taxes and competitive salaries, together with the loosening of visa and business rules, all contributed to this expansion.
The lifestyle choices is one of the key factors contributing to Dubai's luxury real estate market's great success. With a wide range of attractions like best dining, shopping, and entertainment options, as well as year-round sunshine and a cosmopolitan ambiance, the city has grown in popularity among those seeking a high-quality lifestyle.
The demand for luxury properties in the city has increased as a result, and Dubai's luxury real estate market has had a strong year with the most prime and super prime sales ever recorded.
In terms of the number of Palm transactions, 2022 saw 3,239 sales, a remarkable increase of over 100% over 2021. While there are a lot of other factors at play, one explanation for this is that the market is trying to catch up after Covid-19 caused a slowdown and the unprecedented amount of capital flow from Russia with the clients demanding beachfront properties.
Palm Jumeirah villas and plots has continued seeing the highest increase in value throughout Dubai with the top residential sales all being Palm Jumeirah villas.
Interestingly the Palm off-plan sales more than doubled with sales volumes reaching close to 12 billion AED, as projects such as the Six senses, Ava, Orla and Palm Beach transacted in large volumes.
Multiple villas selling for close to 300 million AED as well the most expensive property ever sold in Dubai at 600m and the sale of the Royal triplex Penthouse for more than 160 million AED were important transactions that solidified the area's status as a super premier location in Dubai.
Dubai is predicted to experience the most price growth in the prime and super prime markets, according to a recent Knight Frank analysis, with a 13% increase.
The demand for beachfront real estate in Dubai has increased dramatically in recent years, and while Palm Jumeirah continues to dominate in terms of popularity and sales, it is increasingly being challenged by other upscale beachfront communities in Jumeirah like Pearl Jumeirah and Jumeirah Bay Island.
Please note the outlook and analysis is based on my own professional opinions with the help of analysing reports of other real estate consultancies. and should not be taken as facts.
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