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2022 Palm Jumeirah Q3 Market Report - Sales Transactions

2022 Palm Jumeirah Q3 Market Report - Sales Transactions 

Transactions Recorded at Dubai Land Department (DLD) 

Palm Jumeirah "Secondary Market" Sales – Q3 2022 

Total Volume of Sales: 447 | 16% Decrease from Q2 2022

Total amount of Sales (AED): 3.65 Billion | Same as Q2 2022

Apartments Sold: 324

Villas / Townhouses Sold: 35 | 10% Decrease from Q2 2022 

Land / Plots Sold: 24

Serviced Apartments Sold: 63

Shops: 1

Transactions between 0 - 2m AED = 126 | 28 % of all transactions

Transactions that sold between 0 - 3m AED = 259 |52 % of all transactions

Transactions above 5m AED = 134 | 30 % of all transactions

 

Most Expensive Villas Sold (Top 4): 

302.5m AED – Signature Villa | Custom Built frond G (28,247 Sqft plot) (Most expensive villa ever sold in Dubai)

54m AED – Signature Villa

52m AED – Kempinski Palace (8,397 Sqft BUA)

50m AED - Signature Villa – Custom Built Frond H (15,536 Sqft plot)

Most expensive Apartments Sold (Top 4): 

85m AED  One Palm (22,222 Sqft)

56m AED  One Palm (8,291 Sqft)

55mAED One Palm (7,442 Sqft) 

43.5m AED One Palm (6,268 Sqft)

Average Price per SqFt for a Palm Property – 2,245 AED Per Sqft

Average Property Size Sold – 1,735 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) 

Price range from 30m to 302.5m 

· Garden Home Villa Sizes (Nakheel & Custom built) 

Price range from 14.5m to 34m 

Other Villas (Non Fronds) 

· Kempinski Palace|52m AED 

· 2 Villas in Balquis Residences | 11.6m & 11.5m AED 

Townhouses: 

11.5m & 12m AED (Palma Residences 5 beds)

10m AED (Canal Cove 3 bedroom) 

Off Plan Sales - Oqood Issued 

Total Volume of Sales: 167

Total amount of Sales (AED): 2.2 Billion AED

Apartments / Villas Sold: 116 

Serviced Apartments Sold: 51 

Average Price per Sqft: 3,555 AED Sqft

Average Property Size Sold – 2,050 SqFt 

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

163.4m  Atlantis The Royal Residences (Triplex Penthouse)

92m  Sixth Senses Residences

89.5m – Sixth Senses Residences

87.1m – Sixth Senses Residences

82.1m – Sixth Senses Residences 

Overall Sales of Off Plan & Ready Properties Q3 2022 

Total Volume of Sales: 614

Total amount of Sales (AED): 5.85 Billion AED

Quarterly stats taken from Reidin / Property Monitor– Please note we do not take any responsibility for the authenticity of the figures.

Q3 2022 Analysis

In the third quarter of 2022, the UAE's premier residential destination the palm experienced a continuation in steady growth as property values and rentals rose.

Although we saw a decrease in volume of sales of 8%, total amount of sales (AED) compared to Q2 2022 topped the 5-billion-dirham mark again with an increase of 17% to 5.85 Billion AED. A noteworthy accomplishment that attests to the island's popularity. 

August 2022 was a record month for Dubai in general in terms of transactions since records began. 

Similar to the previous quarter the ongoing turbulence in Russiahas 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 on beachfront properties which include developments such as Emaar beachfront, Address JBR and Bluewater’s as well as the Prime Palm Developments. 

The recent launch for Sixth senses has dominated the off plan sales market with 4 out of 5 most expensive off plan properties sold. 

2 notable records were also broken this quarter with both the most expensive penthouse and villa sales ever recorded in Dubai. 

· Palm Villa: 302.5m AED

· Atlantis The Royal Residences Penthouse: 163.461m AED 

Ava Palm, Orla and Serenia living have continued to sell remarkably well in a very short period of time with Orla and Ava achieving record price per sqft prices.

The rest of 2022 will prove crucial with prices likely to plateau in Q4 or early 2023. Ellington and Nakheel have also launched new Palm Projects with other boutique developers launching in the next 3 to 6 months. 

2022 will be a very interesting year as the island continues its popularity with the addition of several new hotels on the trunk (Hilton & Marriott) 

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