2022 Palm Jumeirah Q3 Market Report - Sales Transactions
Transactions Recorded at Dubai Land Department (DLD)
Palm Jumeirah "Secondary Market" Sales – Q3 2022
Total Volume of Sales: 447 | 16% Decrease from Q2 2022
Total amount of Sales (AED): 3.65 Billion | Same as Q2 2022
Apartments Sold: 324
Villas / Townhouses Sold: 35 | 10% Decrease from Q2 2022
Land / Plots Sold: 24
Serviced Apartments Sold: 63
Shops: 1
Transactions between 0 - 2m AED = 126 | 28 % of all transactions
Transactions that sold between 0 - 3m AED = 259 |52 % of all transactions
Transactions above 5m AED = 134 | 30 % of all transactions
Most Expensive Villas Sold (Top 4):
302.5m AED – Signature Villa | Custom Built frond G (28,247 Sqft plot) (Most expensive villa ever sold in Dubai)
54m AED – Signature Villa
52m AED – Kempinski Palace (8,397 Sqft BUA)
50m AED - Signature Villa – Custom Built Frond H (15,536 Sqft plot)
Most expensive Apartments Sold (Top 4):
85m AED – One Palm (22,222 Sqft)
56m AED – One Palm (8,291 Sqft)
55mAED– One Palm (7,442 Sqft)
43.5m AED– One Palm (6,268 Sqft)
Average Price per SqFt for a Palm Property – 2,245 AED Per Sqft
Average Property Size Sold – 1,735 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 Villas (Nakheel & Custom built)
Price range from 30m to 302.5m
· Garden Home Villa Sizes (Nakheel & Custom built)
Price range from 14.5m to 34m
Other Villas (Non Fronds)
· Kempinski Palace|52m AED
· 2 Villas in Balquis Residences | 11.6m & 11.5m AED
Townhouses:
11.5m & 12m AED (Palma Residences 5 beds)
10m AED (Canal Cove 3 bedroom)
Off Plan Sales - Oqood Issued
Total Volume of Sales: 167
Total amount of Sales (AED): 2.2 Billion AED
Apartments / Villas Sold: 116
Serviced Apartments Sold: 51
Average Price per Sqft: 3,555 AED Sqft
Average Property Size Sold – 2,050 SqFt
Most Expensive Off Plan Properties Sold in AED (Top 5)
163.4m – Atlantis The Royal Residences (Triplex Penthouse)
92m – Sixth Senses Residences
89.5m – Sixth Senses Residences
87.1m – Sixth Senses Residences
82.1m – Sixth Senses Residences
Overall Sales of Off Plan & Ready Properties Q3 2022
Total Volume of Sales: 614
Total amount of Sales (AED): 5.85 Billion AED
Quarterly stats taken from Reidin / Property Monitor– Please note we do not take any responsibility for the authenticity of the figures.
Q3 2022 Analysis
In the third quarter of 2022, the UAE's premier residential destination the palm experienced a continuation in steady growth as property values and rentals rose.
Although we saw a decrease in volume of sales of 8%, total amount of sales (AED) compared to Q2 2022 topped the 5-billion-dirham mark again with an increase of 17% to 5.85 Billion AED. A noteworthy accomplishment that attests to the island's popularity.
August 2022 was a record month for Dubai in general in terms of transactions since records began.
Similar to the previous quarter the ongoing turbulence in Russiahas certainly seen a large influx of capital coming in most of which was absorbed by the prime developments.
The Russian market has focussed in particular on beachfront properties which include developments such as Emaar beachfront, Address JBR and Bluewater’s as well as the Prime Palm Developments.
The recent launch for Sixth senses has dominated the off plan sales market with 4 out of 5 most expensive off plan properties sold.
2 notable records were also broken this quarter with both the most expensive penthouse and villa sales ever recorded in Dubai.
· Palm Villa: 302.5m AED
· Atlantis The Royal Residences Penthouse: 163.461m AED
Ava Palm, Orla and Serenia living have continued to sell remarkably well in a very short period of time with Orla and Ava achieving record price per sqft prices.
The rest of 2022 will prove crucial with prices likely to plateau in Q4 or early 2023. Ellington and Nakheel have also launched new Palm Projects with other boutique developers launching in the next 3 to 6 months.
2022 will be a very interesting year as the island continues its popularity with the addition of several new hotels on the trunk (Hilton & Marriott)
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
Director Of Sales
M: +971 (050) 505-4135
E : yasin@evadxb.com
W : www.mrpalmjumeirah.com