2022 Palm Jumeirah Q1 Market Report - Sales Transactions
Transactions Recorded at Dubai Land Department (DLD)
Palm Jumeirah "Secondary Market" Sales – Q1 2022
Total Volume of Sales: 413 | 34% Increase from Q1 2021
Total amount of Sales (AED): 3.9 Billion | 96% Increase from Q1 2021
Apartments Sold: 211
Villas / Townhouses Sold: 51 | % Increase from Q1 2021
Land / Plots Sold: 24
Serviced Apartments Sold: 124
Shops: 1
Transactions between 0 - 2m AED = 77 | 19 % of all transactions
Transactions that sold between 0 - 3m AED = 190 |46 % of all transactions
Transactions above 5m AED = 111 | 27 % of all transactions
Most Expensive Plot Sold : 30m AED | Frond J 15,221 Sqft
Most Expensive Villas Sold (Top 4):
280m AED – Signature Villa | Custom Built frond N (27,500 Sqft plot)
87m AED – Signature Villa | Custom Built Frond J
62m AED – Signature Villa – Custom Built Frond G
50m AED - Signature Villa – Custom Built Frond I
Most expensive Apartments Sold (Top 4):
57m AED – W Residences
50m AED – Serenia Residences
48mAED– Palme Couture
48m AED– One Palm
Average Price per SqFt for a Palm Property – 2,099 AED Per Sqft
Average Property Size Sold – 1,745 AED per 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 Villas (Nakheel & Custom built)
9 Transactions in Million AED
280, 87, 62, 50, 43, 36.25, 29, 25, 24.55
· Garden Home Villa Sizes (Nakheel & Custom built)
31 Transactions in Million AED
35.3, 30, 28.5, 23, 21.5, 21.5, 20, 20, 19.95, 19.5, 19, 18.5, 18.5, 17.25, 16, 16, 15.8, 15.5, 15.1, 15, 15, 14.93, 14.8, 14.75, 14.5, 14.5, 14, 13, 12.9, 12.5, 12.5,
Other Villas
· 2 Villa sale in Balquis Residences | 20m & 10m AED
Townhouses:
11.35m (Palma Residences)
11.25m (Palma Residences)
9.25m (Palma Residences)
7.7m (3 Bed Canal Cove)
Off Plan Sales - Oqood Issued
Total Volume of Sales: 97
Total amount of Sales (AED):728.55m AED
Apartments Sold: 61
Serviced Apartments Sold: 36
Average Price per Sqft: 3,172 AED Sqft
Maximum Price for Sqft Sold: 8,844 AED Sqft
Most Expensive Off Plan Properties Sold in AED (Top 4)
62.92m – Royal Atlantis
41.3 – Royal Atlantis
38.8m – Royal Atlantis
38.8m – Royal Atlantis
Overall Sales of Off Plan & Ready Properties Q1 2021
Total Volume of Sales: 510
Total amount of Sales (AED): 4,628,000,000 AED
Quarterly stats taken from Reidin– Please note we do not take any responsibility for the authenticity of the figures.
The start of 2022 marks a period of sustained growth as property prices and rents across communities in the UAE including the palm continue increasing.
Palm Jumeirah villas and plots have seen the highest increase in value throughout Dubai with prices seeing up to a 100%+ increase since November 2020.
We saw an incredible 80% rise in in total amount of sales (AED)compared to Q1 2021 topping the 4.5-billion-dirham mark. A remarkable achievement which is a testament to the Popularity of the island.
Q1 2022 alone equates to nearly 50% of all transactions totalled in 2021 and has seen record numbers including the most expensive residential villa sold in Dubai’s history with a selling pride of 28m AED
The recent turbulence in Russia has certainly seen a large influx of capital coming in most of which was absorbed by the prime developments. Developments such as Royal Atlantis, One Palm and W residences are all but a handful sold out via the developer.
The recent launch of sixth senses residences by the select group has seen unprecedented interest with the record priced development very close to being sold out.
From my personal experience of actively working on the Palm we have certainly seen an incredible shift in the market with increase in activity and capital values.
The rest of 2022 will prove crucial with prices likely to plateau in Q3/Q4.
There are at least 3 new residential projects that I am aware of that will be launched in 2022 all of which will be catering to the prime and super prime markets.
2022 will be a very interesting year as the island continues its popularity with the addition of several new hotels and the completion of the west beach project.
Please feel free to contact me with any questions or clarity, I can send you individual reports for your specific developments if required.
I have a strong Palm Jumeirah team that can help with buying, selling and renting of properties.
Furthermore, working as a private client advisor, it enables us to work with buyers on an exclusive basis with favourable fee terms. We have seen a sharp increase with transactions being closed with clients using this service.