2021 Palm Jumeirah Q1 Market Report - Sales Transactions
Transactions Recorded at Dubai Land Department (DLD)
Palm Jumeirah "Secondary Market" Sales - Q1 2021
Total Volume of Sales: 309 (209 in Q4 2020) 48% Increase
Total amount of Sales (AED): 1,99 Billion (994,070m AED in Q4 2020) 52% Increase
Apartments Sold: 217 (134 in Q4 2020) 61% Increase
Villas / Townhouses Sold: 49 (35 in Q4 2020) 40% Increase
Land / Plots Sold: 11 (12 in Q4 2020) 8% Decrease
Serviced Apartments Sold: 7(11 in Q4 2020) 36% Decrease
Commercial Land: 7
Transactions between 0 - 2m AED = 141 (45% of all transactions)
Transactions that sold between 0 - 3m AED = 60 (66% of all transactions)
Transactions above 5m AED = 92 (30% of all transactions)
Most Expensive Plots Sold (Top 2):
55m AED (Frond J) - 29,441 Sqft
Most Expensive Villas Sold (Top 4):
111.250m AED –Signature Villa – Custom Built frond N (N100)
45m AED – Signature Villa – Frond M
38AED – Signature Villa – Custom Built Frond H
34.5m AED - Signature Villa – Custom Built Frond I
Most expensive Apartments Sold (Top 4):
43.5m AED – Palme Couture
20m AED – Palme Couture
18mAED– Palme Couture
17.34m AED– Palme Couture
Average Price per SqFt for a Palm Property – 1,347 AED Per Sqft
Maximum Price Per SqFt Paid: 16,000 AED Per Sqft
Average Property Size Sold – 1,995 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 Villa Sizes (Nakheel & Custom built)
14m, 16.5m, 18.5m, 19m, 19.75m, 19.94m, 22m, 23.65m, 23.85m, 24.5m, 26m, 27.5m, 28m, 28m, 32m, 32m, 34.5m, 38m, 45m, 42.5m, 111.250m
· Garden Home Villa Sizes (Nakheel & Custom built)
5m, 7.5m, 8.1m, 9m, 9m, 9m, 9.15m 9.5m, 9.35m 9.5m, 10m, 10m, 10.5m, 10.8m, 11m, 11.5m, 11.5m, 11.5m 11.9m, 11.96m, 12m, 12.5m, 13.8m, 14.15m, 14.5m, 15.35m, 16.45m, 20m, 23.5m
· 1 Villa sale in Kempinski Residences – 14.5m AED
· 1 Villa in Zabeel Saray : 20m AED
7.2m (Palma Residences)
6.25m, 6.5m 7m, 7.5m (Canal Coves)
Off Plan Sales - Oqood Issued
Total Volume of Sales: 239
Total amount of Sales (AED):727.89 AED
Apartments Sold: 29
Serviced Apartments Sold:210
Average Price per Sqft: 1,820 AED Sqft
Maximum Price for Sqft Sold: 5,744 AED Sqft
Most Expensive Off Plan Properties Sold in AED (Top 4)
43m – One Palm
40m – One Palm
23.221m – W Palm
22m – Royal Atlantis
Overall Sales of Off Plan & Ready Properties Q1 2021
Total Volume of Sales: 548
Total amount of Sales (AED): 2,726,000,000 AED
Apartments Sold: 24
Villas Sold: 49
Land Sold: 11Serviced Apartments Sold: 217
Quarterly stats taken from Reidin– Please note we do not take any responsibility for the authenticity of the figures.
The above statistics show a very healthy number of transactions for Q1 2021 despite the current challenges faced with the Covid-19 pandemic both the volume and the value of transactions have jumped 50% from Q4 2020.
From analysing a number of different consultancies and reports the prices on the Palm have certainly turned with the market now being dictated by sellers. Dubai in general has witnessed the first quarter (Q1 2021) where prices have seen a rise since 2015.
Apartment sales make up the bulk of transactions with a number of high value transactions for the boutique developments such as Palme Couture, Royal Atlantis, One Palm and W Residences.
Buyers with budgets of 0m to 3m AED are dominating the secondary market with 66% of transactions. 30% of transactions were for 5m + AED which shows a very healthy demand for the luxury sector and a big increase from the previous quarters.
Villa and townhouse sales remained strong continuing from the Q4 2021 momentum, and prices saw a sharp increase compared to the previous quarters, villa prices in general have seen an increase of up to 40% since October 2020.
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 Standout transaction was for the sale of villa N100 which sold for record breaking 111,250m, the second most expensive villa ever sold on the palm and most expensive in terms of price per sqft.
The top 5 resales transactions alone equated to over 250m AED worth of transactions and overall 2.7 billion AED worth of transactions in Q1 - 2021 which is one of the highest recorded in recent times.
The Dubai real estate market in general continues to slowly recover in 2021, with total transaction volumes in Dubai, in the year to date to Q1 2021, increased by 12.1%, over the same period from last year. The Palm Jumeirah market is continuing to show a much faster recovery compared to many other key residential communities in Dubai, with average apartment and villa prices increasing by 8.5% and 6.6% respectively, in the year to March 2021 (Knight Frank Residential Report)
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 contact me on the below.
Associate Partner Knight Frank Middle East
M: +971 (050) 505-4135
E : firstname.lastname@example.org
W : www.mrpalmjumeirah.com