2023 Palm Jumeirah Q2 Market Report - Sales Transactions
Transactions Recorded at Dubai Land Department (DLD)
Palm Jumeirah "Secondary Market" Sales – Q2 2023
Total Volume of Sales: 474 | 7% Increase from Q1 2023
Total amount of Sales (AED): 3.84 Billion | 15% Decrease from Q1 2023
Apartments Sold: 346 | 3% Decrease from Q1 2023
Villas / Townhouses Sold: 64 | 18% Increase from Q1 2023
Commercial Land / Plots Sold: 35
Serviced Apartments Sold: 29
Transactions sold between 0 - 3m AED = 192 | 41 % of all transactions
Transactions above 5m AED = 153| 32 % of all transactions
Transactions above 10m AED = 91 | 19% of all transactions
Most Expensive Villas Sold (Top 4):
75.5m AED – Frond A signature villa | 15,462 Sqft plot
70m AED - Frond N signature villa (Custom) |130,579 Sqft Plot
55m AED – Signature Villa | 13,398 Sqft Plot
55m AED - Signature Villa | 13,398 Sqft
Most expensive Apartments Sold (Top 4):
50m AED – Atlantis the Royal |4 Bed | 6,311 Sqft
49.5m AED – One At Palm | 4 Bed| 5,737 Sqft
43m AED – Atlantis the Royal |3 Bed | 3,739 Sqft
37m AED– Atlantis the Royal |3 Bed | 3,397 Sqft
Average Price per SqFt for a Palm Property – 2,172 AED Per Sqft
Average Property Size Sold – 1,789 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)
(A breakdown of individual villa transactions available on request)
· Signature Villas (Nakheel & Custom built)
Price ranges from 31.5m to 75.5m
Garden Home Villa Sizes (Nakheel & Custom built)
Price ranges from 12m to 47.5m
Other Villas (Non Fronds)
· No Transactions
Townhouses (AED):
16.5m, 14.050m, 14.050m, 7.75m, 7.15m (Palma Residences)
10.5m, 8.8m, 8.6m (Canal Cove 3 bedroom)
Off Plan Sales - Oqood Issued
Total Volume of Sales: 198
Total amount of Sales (AED): 3.02 Billion AED
Apartments Sold: 154
Serviced Apartments Sold: 44
Average Price per Sqft: 4,175 AED Sqft
Average Property Size Sold – 1,907 SqFt
Most Expensive Off Plan Properties Sold in AED (Top 5)
105m – Six Senses Residences (Select Group) | 26,154 Sqft
100m – Six Senses Residences (Select Group) | 26,154 Sqft
85.5m – Six Senses Residences (Select Group) | 26,154 Sqft
65,732m – Como Residences (Nakheel) | 11,436 sqft
64,737m – Como Residences (Nakheel) | 11,263 Sqft
Overall Sales of Off Plan & Ready Properties Q2 2023
Total Volume of Sales: 62 | 13% Decrease from Q1 2023
Total amount of Sales (AED): 6.86 Billion AED | 51% Increase from Q1 2023
Quarterly stats taken from Reidin / Property Monitor– Please note we do not take any responsibility for the authenticity of the figures.
Brief Sumamary
The Palm Jumeirah real estate market for Q2 2023 displayed some interesting trends. Although the total volume of sales increased by 7% from Q1 2023 to 474, the total sales amount decreased by 15% to 3.84 billion AED.
The majority of thesales were for apartments, with 346 units sold, though this figure was 3% lower than Q1 2023. Sales for villas and townhouses increased by 18% to 64,
signifying a surge in demand for these types of properties. In addition, 35
commercial lands/plots and 29 serviced apartments were sold.
The market showed astrong preference for properties in the 0-3m AED range, which comprised 41% ofall transactions. There was also considerable activity in the luxury marketsegment, with 32% of transactions above 5m AED and 19% above 10m AED.
The most expensiveproperties sold were villas, with the top four sales ranging from 55m to 75.5m AED. These were generally larger properties, with the most expensive having aplot size of 130,579 square feet.
The most expensive apartments sold were in
the range of 37m to 50m AED, most notably at Atlantis the Royal and One At Palm.
The average price per square foot for a Palm property was 2,172 AED, and the average property size sold was 1,789 square feet.
Villas, both standardand custom built, sold within a broad range. Signature villas were priced between 31.5m to 75.5m AED while Garden Home Villas ranged from 12m to 47.5mAED. There were no transactions recorded for non-frond villas.
In terms of off-plansales, there was a total volume of 198 sales, amounting to 3.02 billion AED.
The majority of these were apartments (154 units) and serviced apartments (44
units). The average price per square foot for these properties was higher at
4,175 AED, with an average property size of 1,907 square feet.
Overall, the totalvolume of off-plan and ready property sales in Q2 2023 was 62, a 13% decrease from Q1 2023. However, the total amount of sales saw a significant increase of 51% from Q1 2023 to 6.86 billion AED, indicating a market trend towards
higher-value transactions.
"Please note the outlook and analysis is based on my own professional opinions with the help of analysing reports of other real estate consultancies. and should not be taken as facts"
Yasin Valimulla
CEO & Founder
The Luxury Address
M: +971 (050) 505-4135
E : yasin@theluxeaddress.com
Personal Website : www.luxurydubaibroker.com
Company Website : www.theluxeaddress.com