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Palm Jumeirah 2020 - Q2 Market Report

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Palm Jumeirah 2020 – Q2 Market Report

2020 Palm Jumeirah Q2 Market Report - Sales Transactions - 

Transactions Recorded at Dubai Land Department (DLD)

Total Volume of Sales: 90 (44% Decrease than Q1 2020)

Total amount of Sales (AED): 418,650m AED (16% Decrease than Q1 2020)

Apartments Sold: 62 (95 in Q1 2020) (69% of all sales in this period)

Villas / Townhouses Sold: 18 (19 in Q1 2020 ) - (20% of all sales in this period)

Land / Plots Sold: 2 (13 in Q1 2020 ) - (2% of all sales in this period)

Serviced Apartments Sold: 8 (34 in Q1 2020 ) - (9% of all sales in this period)

Transactions between 0 - 2m AED = 44 (50% of all transactions)

Transactions that sold between 0 - 3m AED = 59 (65% of all transactions)

Transactions above 5m AED = 25 (27% of all transactions)

Most Expensive Villas Sold (Top 4):

29.36m AED – Carat XX11

20m AED – Signature Villa

15.9m AED – Signature Villa

14m AED - Signature Villa

Most expensive Apartments Sold (Top 4):

40m AED – Serenia Residences Penthouse

12m AED – Serenia Residences 4 Bed

11.010m AED – Carat XX11

6.4m AED– Kempinski Residences

Average Price per SqFt for a Palm Property – 1,286 AED Per Sqft

Maximum Price Per SqFt Paid: 3,118AED Per Sqft

Average Property Size Sold - 1,785 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 Villa Sizes (Nakheel & Custom built): 20m, 15.9m, 15.32m, 14m, 10.5m

Garden Home Villa Sizes (Nakheel & Custom built): 10.6m, 10m, 9,8m, 9.5m, 9m, 8,7m, 8.6m, 8.1m, 7.5m, 7.3m, 5.5m, 5.35m

Carat XX11 : 29.36m AED

Townhouses: 5.4m (Canal Cove – 4 Bed )

Off Plan Sales - Oqood Issued

Total Volume of Sales: 74

Total amount of Sales (AED): 99.420,000 AED

Apartments Sold: 5

Serviced Apartments Sold: 69 (Mainly in Seven Residences)

Average Price per SqFt : 1,837 AED Sqft

Maximum Price for Sqft Sold: 4,087 AED Sqft

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

30.02m – One By Omniyat

3.185m – Seven Residences

2.172m - Seven Residences

1.952m - Seven Residences

Overall Sales of Off Plan & Ready Properties Q4 2019

Total Volume of Sales: 164

Total amount of Sales (AED): 518.07m

Apartments Sold: 67

Villas Sold: 18

Land Sold: 12
Serviced Apartments Sold: 69

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

The above statistics show a reasonable number of transactions for Q2 2020 despite the current challenges faced with Covid-19 pandemic. Q2 was impacted the most however we will get a clear picture when the Q3 report will be out later in the year, 

Apartment sales make up the bulk of transactions with the high value transactions for the developments in the boutique developments such as Serenia and Carat XX11.

Buyers with budgets of 0m to 3m AED are dominating the secondary market with 65% of transactions. 25% of transactions were for 5m + AED which shows a healthy demand for the luxury sector despite the turmoil.

Villa sales remained very positive, with a large number of deals being done with the affordability levels at an all time low. There are a large number of transfers still pending which will come to fruition in the coming months.

The top 5 sales transactions alone equated for over 130m AED worth of transactions which makes up close to 30% of the overall transactional volume.

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 chosen development, please do message me.

Yasin Valimulla

Associate Partner Knight Frank Middle East

M: +971 (050) 505-4135

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