2021 Palm Jumeirah Full Market Report For SecondaryMarket Properties
Total Volume Of Sales (Ready Built): 1,262 (103% Increase From 2020)
Total Amount Of Sales (Aed): 10.05 Billion AED (279% Increase From 2020)
Apartments: 876 (127% Increase From 2020)
Villas: 242 (120% Increase Than 2020)
Land: 87 (129% Increase From 2020)
Most Expensive Villa Sold 119.5m AED (2020 Most Expensive Villa Was 30m AED)
Most Expensive Plot Sold: 58,760m AED
Most Expensive Apartment Sold 77m AED – 22 Carat Residences (In 2020 it was 40m – Serenia Residences)
Top 10 Residential Sales Deals 2021 (AED)
1. Palm Villa – 22 Carat – 119.5m
2. Palm Villa – N100 – 111.250m
3. Palm Villa – 22 Carat – 105m
4. Palm Villa – 22 Carat – 89.181m
5. Palm Villa – Frond J – 81m
6. Apartment – 22 Carat - 77m
7. Apartment – Palme Couture – 72m
8. Palm Villa – Frond J – 70m
9. Palm Villa – Frond F – 69.2m
10.Palm Villa – Frond M – 65m
Average Price Per Sqft For A Palm Property - 1,445 AED Per Sqft (1,130 In 2020)
Maximum Price Per Sqft Paid: 16.000 AED A Sqft (4,288 In 2020)
Average Property Size Sold – 1,993 AED A Sqft (1,879 In 2020)
2021 Palm Jumeirah Full Market Report For Off Plan – Oqood Registered
Total Volume Of Sales : 761 (502 In 2020)
Total Amount Of Sales (AED): 4.37B (884.7m In 2020)
Apartments: 293 (58 In 2020)
Services Apartments: 468 (442 In 2020)
Villas : 0
Most Expensive Apartment Sold : 43m AED – One Palm
Top 10 Residential Off Plan Sales in 2021 (AED)
1. One Palm Apartment – 43m
2. One Palm Apartment – 40m
3. One Palm Apartment – 36.4m
4. One Palm Apartment – 35.6m
5. One Palm Apartment - 33.5m
6. One Palm Apartment - 33.4m
7. Atlantis The Royal – 33.2m
8. Atlantis The Royal – 33m
9. One Palm Apartment – 32.2m
10.One Palm Apartment – 31.6m
Above stats taken from Reidin– Please note we do not take any responsibility for the authenticity of the figures.
Brief 2021 Palm Jumeirah Review
The start of 2021 marked a period of sustained growth as property prices and rents across communities in the UAE including the palm increased. The villa communities especially saw a turnaround in prices.
Palm Jumeirah villas and plots have seen the highest increase in value throughout Dubai with prices seeing up to a 100% increase within a 12-month period from December 2020
After a challenging year we had, the palm saw an incredible turnaround with a 100% rise in property transactions and 280% increase in total amount of sales (AED) topping the 10-billion-dirham mark. A remarkable achievement which is a testament to the Popularity of the island.
Covid has certainly helped the UAE with a large influx of money coming in through Europe most of which was absorbed by the prime development sales such as the Royal Atlantis, One Palm and W Residences all of which are close to being 100% sold out despite the slow sales in the previous years.
Apartment values have seen gains of 20 to 30% dependant on the individual developments.
From my personal experience of actively working on the Palm we have certainly seen a unprecedented shift in the market with increase in activity and capital values. 2022 will prove crucial with prices likely to plateau in Q1/Q2.
There are at least 4 new residential projects that I am aware of that will be launched in 2022 all of which will be catering to the prime and super prime markets.
2022 will be a very interesting year as the island continues its popularity with the addition of several new hotels and the completion of the west beach project.
Please feel free to contact me with any questions or clarity, I can send you individual reports for your specific developments if required.
I have a strong Palm Jumeirah team that can help with buying, selling and renting of properties.
Furthermore, working as a private client advisor, it enables us to work with buyers on an exclusive basis with favourable fee terms. We have seen a sharp increase with transactions being closed with clients using this service.
In addition, we represent sellers exclusively with both on and off market deals.
Please get in touch to know more.
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
Private Client Advisor
Associate Partner
Knight Frank Middle East
M: +971 (050) 505 4135
E : yasin.valimulla@me.knightfrank.com
W : www.mrpalmjumeirah.com