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Palm Jumeirah 2021 – Q2 Market Report

2021 Palm Jumeirah Q2 Market Report - Sales Transactions 

Transactions Recorded at Dubai Land Department (DLD)  

Palm Jumeirah "Secondary Market" Sales - Q2 2021

Total Volume of Sales: 396 (309 in Q1 2021) 28% Increase 

Total amount of Sales (AED): 3.33 Billion (1.99 Billion AED in Q1 2021) 67% Increase 

Apartments Sold: 257 (217  in Q1 2021) 18% Increase 

Villas / Townhouses Sold: 81 (49 in Q1 2021) 65% Increase 

Land / Plots Sold: 4 (11 in Q1 2021) 

Serviced Apartments Sold: 14 (7 in Q1 2021) 50% Increase 

Commercial Land: 3

Shops: 1 

Transactions between 0 - 2m AED = 145 (37% of all transactions)

Transactions that sold between 0 - 3m AED = 223 (56% of all transactions)

Transactions above 5m AED = 114 (29% of all transactions) 

Most Expensive Plots Sold (Top 2): 

330m AED Commercial Plot – 671, 322 Sq Ft

27.5m AED Residential Plot – 14,697 Sq Ft

15m AED Residential Plot – 16,784 Sq Ft

Most Expensive Villas Sold (Top 4): 

119.5m AED22 Carat Villa

105m AED – 22 Carat Villa

89.181m AED 22 Carat Villa 

81m AED - Signature Villa Custom Built Frond J 

Most expensive Apartments Sold (Top 4): 

24.7m AED – Palme Couture

20m AED – Palme Couture

16.5m AED – Five Palm Jumeirah – 4 Bed 

14.4m AED – Five Palm Jumeirah – 4 Bed

Average Price per SqFt for a Palm Property – 1,442 AED Per Sqft 

Maximum Price Per SqFt Paid: 10,000 AED Per Sqft 

Average Property Size Sold – 1,955 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 :

34 Transactions 

Price range from 15.5m AED to 81m AED 

·  Garden Home Villa Sizes :

38 Transactions  

Price range from 9m AED to 22m AED 

Other Palm Villa transactions (Non fronds) 

· 1 Villa sale in 22 Carat – 119.5m AED

·  1 Villa sale in 22 Carat – 105m AED

·  1 Villa sale in 22 Carat – 89.181m AED

·  1 Villa sale in 22 Carat – 40.37m AED

·  1 Villa sale in 22 Carat – 35m AED

·  1 Villa sale in Balquis Residences – 23.5m AED

·  1 Villa sale in Balquis Residences – 18.35m AED

·  1 Villa sale in Kempinski Residences – 19m AED

·  1 Villa sale in Balquis Residences – 10.8m AED

Townhouses: 

8.2m, 7.8m (4 Bed Canal Coves)  

Off Plan Sales - Oqood Issued 

Total Volume of Sales: 135 

Total amount of Sales (AED): 941.89 AED 

Apartments Sold: 44

Serviced Apartments Sold: 9

Average Price per Sqft: 2,239 AED Sqft 

Maximum Price for Sqft Sold: 6,491 AED Sqft  

Most Expensive Off Plan Properties Sold in AED (Top 4) 

28.146m – W Residences Palm

28m – One Palm

28m – Atlantis the Royal  

27.142m – W Residences Palm 

Overall Sales of Off Plan & Ready Properties Q2 2021 

Total Volume of Sales: 531

Total amount of Sales (AED): 4,270,000,000 AED

Apartments Sold: 301

Villas Sold: 81

Land Sold: 38

Serviced Apartments Sold: 105 

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 Q2 2021 with record breaking months and sales prices. From analysing several different consultancies reports the prices on the Palm have certainly turned with the market now being dictated by sellers. 

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 56% of transactions. 29% 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 Q1 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 to 50% and in some cases 70/80-% on garden homes over the past 9 months. Apartment prices have incrased around 10/20% within the same timeframe dependant on the development.

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 transactions were the sale of the three XX11 Carat villas which took the top 3 spots for the priciest properties sold on the Palm. With the top spot a record-breaking sale of 120m AED (Second costliest villa sold on the Palm and costliest outside of the fronds) This boutique high end project has seen a lot of interest in the last 6 months with a total 5 villa sales this quarter alone.

The top 5 resales transactions alone equated to over 464m AED worth of transactions which is an incredible number highlighting the shift in luxury transaction. 

If you require a more in-depth breakdown of transactions for your chosen development, please do contact me on the below. 

Feel free to contact me if you are looking at buying, selling or renting. With over 12 years’ experience on the Palm Jumeirah me and my team can give you upfront honest advice. 

Yasin Valimulla

Associate Partner Knight Frank Middle East

M: +971 (050) 505-4135

E : yasin.valimulla@me.knightfrank.com

W : www.mrpalmjumeirah.com  

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