Return to site

Palm Jumeirah Q1 2024 Market Report Sales Transactions

Market Report: Palm Jumeirah Real Estate Secondary Properties Q1 2024

Executive Summary:

The real estate market in Palm Jumeirah has demonstrated robust activity in the first quarter of 2024, marked by a healthy mix of transactions across luxury apartments and expansive villas. This report consolidates findings from two detailed analyses to present a comprehensive overview of the current market trends, investment opportunities, and future outlook for one of Dubai's most prestigious locales.

Market Overview:

In Q1 2024, Palm Jumeirah saw a total of 302 real estate transactions, accumulating a sales volume of AED 2.61 billion. This performance indicates a slight dip in transaction volume compared to the previous quarter but underscores a shift towards higher value and luxury property transactions.


Sales Performance:

Volume of Sales: 302 transactions

- Total Value of Transactions: AED 2.61 billion

- Median Transaction Size: 1,735 sqft

- Minimum Price per Sqft: AED 28.05

- Median Price per Sqft: AED 2,194

- Maximum Price per Sqft: AED 18,000

- The highest-priced sale was a 14,619 sqft villa sold on Frond F for AED 128,450 million (AED 18,350 per sqft on BUA).

- The highest price per sqft recorded was AED 18,350 in Signature Villas as above

Development Insights:

- Anantara Residences: A noticable uptick in transactions with transactions of up to AED 4,198,582 for a 2-bedroom apartment.

- One at Palm Jumeirah: A 3-bedroom apartment sold for AED 25,500,000, and a 4 bedroom at AED 46,000,000 showcasing the high-end market appeal.

- Garden Homes and Royal Atlantis Residences: Represented the ultra-luxury segment with transactions reaching up to AED 49 million.

Comparative Analysis (Q1 2024 vs. Q4 2023):

- A decrease in the number of transactions from 324 to 302.

- A reduction in total transaction value from AED 4.42 billion to AED 2.61 billion.

- Noteworthy increases in both the minimum and maximum prices per sqft, reflecting a broader range of offerings and continued demand for premium properties.

Brokerage Perspective

Our analysis confirms sustained demand and robust investment in high-value transactions. The increase in both the minimum and maximum price per sqft indicates a healthy market, ripe with opportunities for buyers seeking value and sellers aiming for premium pricing. Moving forward, our strategic focus will concentrate on leveraging these trends to facilitate both investment and residential purchases.

The first quarter of 2024 has set a promising tone for the Palm Jumeirah real estate market. With a notable shift towards luxury investments and the stability of median prices, our brokerage remains optimistic about potential growth and continued investor interest. Engaging with these market dynamics, we are well-positioned to capitalize on high-value transactions and cater to the upscale market segment expected to drive the market forward.

Palm Jumeirah Off Plan Sales Market Report Q1 2024

Executive Summary:

The Palm Jumeirah real estate market has demonstrated significant activity in the off-plan sector during the first quarter of 2024. This report provides a comprehensive analysis of the transactions, highlighting trends in sales volume, value, and pricing across different developments and property types. Additionally, a comparison with the previous quarter (Q4 2023) is provided to assess market dynamics.

Sales Performance:

- Median Price per Sqft: AED 5,364

- Maximum Price per Sqft: AED 9,204

- Number of Transactions: 99

- Total Value of Transactions: AED 2.30 billion

- Median Transaction Size: 2,926 sqft


Detailed Analysis by Development:

1. **Armani Beach Residences at Palm Jumeirah**:

- **Number of Transactions:** 8

- **Average Price per Sqft:** AED 7,985

- **Highlight Transaction:** 3-bedroom, 3,380 sqft at AED 27,000,000


2. **Ocean House**:

- **Number of Transactions:** 12

- **Average Price per Sqft:** AED 5,200

- **Highlight Transaction:** 3-bedroom, 3,534 sqft at AED 18,309,828


3. **Como Residences**:

- **Number of Transactions:** 4

- **Average Price per Sqft:** AED 5,898

- **Highlight Transaction:** Unknown size, 9,380 sqft at AED 54,350,800


4. **Palm Beach Tower 3**:

- **Number of Transactions:** 3

- **Average Price per Sqft:** AED 3,654

- **Highlight Transaction:** 1-bedroom, 1,169 sqft at AED 4,268,800


5. **SLS at Palm Jumeirah**:

- **Number of Transactions:** 16

- **Average Price per Sqft:** AED 5,400

- **Highlight Transaction:** 4-bedroom, 4,268 sqft at AED 26,428,084


- **Apartments:** 92 Transactions

- **Villas:** 0 Transactions

- **Plots:** 7 Transactions

**Comparative Analysis: Q1 2024 vs. Q4 2023:**

- **Volume of Sales:** Decreased from 148 to 99 transactions

- **Minimum Price per Sqft:** Decreased from AED 1,401 to AED 1,233

- **Maximum Price per Sqft:** Decreased significantly from AED 23,000 to AED 9,204

- **Median Price per Sqft:** Increased from AED 4,233 to AED 5,364

- **Total Value of Transactions:** Decreased from AED 3.04 billion to AED 2.30 billion

- **Transaction Median Size:** Increased from 1,753 sqft to 2,926 sqft

**Brokerage Perspective:**

From our brokerage’s perspective, Q1 2024 shows a promising trend towards high-value transactions despite a reduction in overall sales volume. The increase in the median transaction size and price per sqft indicates robust demand for premium property offerings. We anticipate continued interest in luxury and exclusive property investments, underpinning strong investor confidence in Palm Jumeirah's premium segments.

**Conclusion for off plan sales:**

The Palm Jumeirah off-plan market in Q1 2024 has adjusted with a focus on higher-value transactions rather than volume, reflecting a strategic shift towards more luxury-oriented offerings. As we navigate Q2, our brokerage will continue to focus on leveraging these trends to optimize investment opportunities and client advisement in this dynamic market.

Overall Market Report (Secondary and Off Plan)

To provide a comprehensive analysis of the combined performance of ready properties and off-plan sales in the Palm Jumeirah real estate market for Q1 2024, we'll consider a blend of key metrics and trends from both segments. This analysis will help gauge the overall market dynamics, investor sentiment, and potential future trends.

**Key Combined Metrics for Q1 2024:**

- **Total Transactions:** 401 (302 ready property transactions + 99 off-plan transactions)

- **Combined Total Value of Transactions:** AED 4.91 billion (AED 2.61 billion from ready properties + AED 2.30 billion from off-plan sales)

- **Median Price per Sqft:** - Ready Properties: AED 2,194 | - Off-Plan: AED 5,364

- **Minimum Price per Sqft:** - Ready Properties: AED 28.05 | - Off-Plan: AED 1,233

- **Maximum Price per Sqft:** - Ready Properties: AED 18,000 | - Off-Plan: AED 9,204


1. **Sales Volume:*

- There has been a significant variance in the number of transactions between ready properties and off-plan sales, with ready properties contributing the majority. This suggests a higher liquidity in the ready property market, possibly due to immediate occupancy availability or rental income potential, which are attractive to both end-users and investors.

2. **Transaction Values:**

- The total value of transactions for ready properties was slightly higher than off-plan, indicating a higher average transaction value per property in the ready market. This could be due to the premium prices ready properties command, owing to their immediate usability and established neighborhoods.

3. **Price Per Square Foot:**

- The median price per sqft for off-plan properties is significantly higher than that of ready properties. This disparity often reflects the premium paid for newer developments, modern designs, and future potential in real estate investments. The higher maximum price per sqft for ready properties shows that top-tier luxury properties still hold exceptional value on the market.

4. **Market Sentiment:**

- The higher median price per sqft in the off-plan sector suggests a strong investor confidence in the long-term potential of new developments in Palm Jumeirah. Meanwhile, the robust activity in the ready property sector underscores a steady demand for properties that can be immediately utilized or rented out.


The real estate market in Palm Jumeirah for Q1 2024 demonstrates a healthy balance between immediate utility and speculative investment. The diversity in the performance of ready and off-plan sales indicates a multifaceted appeal of the locale to different segments of buyers — from those seeking immediate accommodation or rental outputs to those investing in the potential of new developments.

For investors and potential buyers, these trends suggest that Palm Jumeirah continues to be a solid choice for both stable, ready-property purchases and long-term, high-value off-plan investments. As the market evolves, staying informed on these trends will be crucial for making well-advised investment decisions. Our brokerage remains committed to providing insights and guidance to navigate this dynamic market landscape effectively.

This report is prepared for distribution to our clients to aid in informed decision-making regarding investment opportunities in Palm Jumeirah. For further details or specific inquiries, please contact our brokerage team.