2022 Palm Jumeirah Q2 Market Report - Sales Transaction
Transactions Recorded at Dubai Land Department (DLD)
Palm Jumeirah "Secondary Market" Sales – Q2 2022
Total Volume of Sales: 534 | 29% Increase from Q1 2022
Total amount of Sales (AED): 3.64 Billion | 7% Decrease from Q1 2022
Apartments Sold: 424
Villas / Townhouses Sold: 40 | 20% Decrease from Q1 2022
Land / Plots Sold: 29
Serviced Apartments Sold: 33
Transactions between 0 - 2m AED = 136 | 25 % of all transactions
Transactions that sold between 0 - 3m AED = 259 |48 % of all transactions
Transactions above 5m AED = 134 | 25 % of all transactions
Most Expensive Residential Plot Sold : 10m AED | Frond N 7,737 Sqft
Most Expensive Villas Sold (Top 4):
126.25m AED – Signature Villa | Custom Built frond G (15,096 Sqft plot)
80m AED – Signature Villa | Custom Built Frond N
53.85m AED – Garden Villa – Custom Built Frond G (7,524 Sqft plot)
52.5m AED - Signature Villa – Custom Built Frond N (13,579 Sqft plot)
Most expensive Apartments Sold (Top 4):
46m AED – One Palm (5,791 Sqft)
39m AED – W Residences (8,875 Sqft)
37mAED– One Palm (6,284 Sqft)
37m AED– One Palm (6,376 Sqft)
Average Price per SqFt for a Palm Property – 1,967 AED Per Sqft
Average Property Size Sold – 1,769 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)
11 Transactions in Million AED
Price ranges from 20m to 126.25m
· Garden Home Villa Sizes (Nakheel & Custom built)
Price ranges from 14m to 53.85mm
(A full breakdown of villa prices is available on request)
· 2 Villas in Kempinski Residences| 33m & 20m AED
· 1 Villa in Zabeel Saray | 23m AED
12.5m (Palma Residences)
Off Plan Sales - Oqood Issued
Total Volume of Sales: 123
Total amount of Sales (AED): 1.42 Billion AED
Apartments Sold: 62
Serviced Apartments Sold: 61
Average Price per Sqft: 3,824 AED Sqft
Average Property Size Sold – 1,961 SqFt
Most Expensive Off Plan Properties Sold in AED (Top 5)
82.17m – Sixth Senses Residences
81.8m – Sixth Senses Residences
60.246m – Ava Palm
57.320m – Ava Palm
48.580m – Ava Palm
Overall Sales of Off Plan & Ready Properties Q1 2022
Total Volume of Sales: 657
Total amount of Sales (AED): 5,060,000,000 AED
Quarterly stats taken from Reidin– Please note we do not take any responsibility for the authenticity of the figures.
Q2 2022 Review
The second quarter of 2022 marks a period of sustained growth as property prices and rents across communities in the UAE including the palm continue increasing.
We saw an 10% rise in total amount of sales (AED) compared to Q1 2022 topping the 5-billion-dirham mark. A remarkable achievement which is a testament to the Popularity of the island.
April 2022 was a record month for Dubai in general in terms of transactions since records began.
The recent turbulence in Russia has certainly seen a large influx of capital coming in most of which was absorbed by the prime developments. The Russian market has focussed in particular in beachfront properties which include developments on Emaar beachfront, Address JBR and Bluewaters as well as the Prime Palm Developments.
Recent Palm launches for Sixth senses, Ava Palm, Urla Palm and Serenia living have sold remarkably well in a very short period of time. With Ava umits selling at 60.246m – Ava Palm and recording transactions above 7.000 AED a Sqft.
We have certainly seen an incredible shift in the market with increase in activity and capital values which started in November 2020.
The rest of 2022 will prove crucial with prices likely to plateau in Q4 or early 2023. Ellington, Nakheel and other boutique developers are also looking at launching new projects on the Palm Jumeirah crescent in the coming months.
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.