Palm Jumeirah 2020 – Q4 Market Report
2020 Palm Jumeirah Q4 Market Report - Sales Transactions
Transactions Recorded at Dubai Land Department (DLD)
Total Volume of Sales: 209 (31% Increase than Q3 2020)
Total amount of Sales (AED): 994,07m AED (33% Increase than Q3 2020)
Apartments Sold: 134(96 in Q3 2020)(40% Increase than Q3 2020)
Villas / Townhouses Sold: 35 (38 in Q3 2020) - (4% Decrease than Q3 2020 )
Land / Plots Sold: 12 (11 in Q3 2020)
Serviced Apartments Sold: 11(14 in Q3 2020) - (21% Decrease than Q3 2020)
Transactions between 0 - 2m AED = 105 (50% of all transactions)
Transactions that sold between 0 - 3m AED = 139 (66% of all transactions)
Transactions above 5m AED = 53 (25% of all transactions)
Most Expensive Plots Sold (Top 2):
60m AED – 31,500 Sqft
46.5m AED – 27,819 Sqft
Most Expensive Villas Sold (Top 4):
28m AED – Signature Villa
25.5m AED – Signature Villa
24.5m AED –Signature Villa
24.5m AED -Signature Villa
Most expensive Apartments Sold (Top 4):
14.5m AED – 5 Palm Jumeirah
14m AED – Serenia Residences
6.6m AED– Serenia Residences
5.8m AED– Serenia Residences
Average Price per SqFt for a Palm Property – 1,166 AED Per Sqft
Maximum Price Per SqFt Paid: 4,288 AED Per Sqft
Average Property Size Sold – 1,944 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)
9 Transactions:
28m, 25.5m, 24.5, 24.5, 22.5, 16.8m 16.5, 16m, 13m
· Garden Home Villa Sizes (Nakheel & Custom built):
22 Transactions
15.25m, 15m, 13.65m, 13m, 11.8m, 11.5m, 10.8m, 10.6m, 10.5m, 10.1m, 10m, 10m, 10m, 10m, 9.65m, 9.5m, 9.4m, 9,4m, 8.45m, 8.1m, 7.2m, 6.5m
1 Villa sale in Kempinski Residences – 15.5m AED
Townhouse Sales :
8.5m (Palma Residences)
4.7m (Canal Cove – 4 Bed)
4.55m (Canal Cove – 4 Bed)
Off Plan Sales - Oqood Issued
Total Volume of Sales: 144
Total amount of Sales (AED):343,910,000 AED
Apartments Sold: 12
Serviced Apartments Sold:132
Average Price per Sqft: 2,038 AED Sqft
Maximum Price for Sqft Sold: 3,485 AED Sqft
Most Expensive Off Plan Properties Sold in AED (Top 4)
30m – One By Omniyat
22.725m – W Palm
21.105m – W Palm
20.303m - One by Omniyat
Overall Sales of Off Plan & Ready Properties Q4 2020
Total Volume of Sales: 353
Total amount of Sales (AED): 1,337,980 AED
Apartments Sold: 146
Villas Sold: 35
Land Sold: 12
Serviced Apartments Sold: 143
Quarterly stats taken from Reidin– Please note we do not take any responsibility for the authenticity of the figures.
Summary
The above statistics show a very healthy number of transactions for Q4 2020 despite the current challenges faced with the Covid-19 pandemic. From analysing a number of different consultancies reports the majority are calling the bottom of the market and its certainly true for the Palm.
Apartment sales make up the bulk of transactions with a number of high value transactions for the boutique development of One Palm and W Residences.
Buyers with budgets of 0m to 3m AED are dominating the secondary market with 66% of transactions. 25% of transactions were for 5m + AED which shows a very healthy demand for the luxury sector and a big increase from the previous quarters.
Interestingly the top 2 sales for the quarter were Residential plot sales (60m AED | 46.5m AED) both of which sold close to 2,000 AED a Sqft which is at record levels.
Villa and townhouse sales remained strong continuing from the Q3 momentum, and prices saw a sharp increase compared to the previous quarters, villa prices in general saw a rise of 25 – 30%
The villa market has always proven to have its own micro market and with so many transactions happening we are seeing price expectation increasing with the demand being higher than the current villa supply. This has been evident with both sales and rentals transactions.
The top 5 resales transactions alone equated for over 209m AED worth of transactions which was an 80% increase than the previous quarter.
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
E : yasin.valimulla@me.knightfrank.com
W : www.mrpalmjumeirah.com