2019 Palm Jumeirah Q3 Market Report - Sales Transactions -
Transactions Recorded at Dubai Land Department (DLD)
Ready Properties
Total Volume of Sales: 154 (12.4% Increase than Q2 2019) - (15% Increase than Q3 2018)
Total amount of Sales (AED): 695,440,000m AED (12% Increase than Q2 2019)
Apartments Sold: 101 (2%Decrease than Q2 2019) - (1% Increase than Q3 2018) – (66% of all sales in this period)
Villas Sold: 34 (89% Increase than Q1 2019) - (89% Increase than Q3 2018) - (22% of all sales in this period)
Land / Plots Sold: 9 (29% Increase Q2 2019) - (43% Decrease than Q3 2018) - (6% of all sales in this period)
Serviced Apartments Sold: 10 (11% Increase than Q2 2019) - (6% of all sales in this period)
% Breakdown of overall volume of transactions for the development in Q3 – 2019
- Anantara: 6 transactions (4%)
- Azure: 24 Transactions (16%)
- Dukes: 3 Transactions (2%)
- Five Residences: 5 Transactions (3%)
- Golden Mile: 12 Transactions (8%)
- Grandeur Residences: 3 Transactions (2%)
- Kempinski (Emerald Palace): 5 Transactions (3%)
- Marina Residences: 12 Transactions (8%)
- Muraba Residences: 0 Transactions
- Oceana Residences : 5 Transactions (3%)
- Palme Couture: 0 Transactions
- Palm Views: 1 Transaction (0.6%)
- Royal Bay: 1 Transactions (0.6%)
- Serenia Residences: 6 Transactions (4%)
- Shoreline Residences: 22 Transactions (14%)
- Fairmont Residences: 2 Transactions (1.3%)
- Tiara Residences: 4 Transactions 3%)
- Villas (All developments): 34 Transactions (22%)
- Land / Plots: 9 Transactions (6%)
Transactions between 0 - 2m AED = 72 (47% of all transactions)
Transactions that sold between 0 - 3m AED = 98 (64% of all transactions)
Transactions above 5m AED = 41 (27% of all transactions)
Most Expensive Villas Sold (Top 4):
31m AED – Signature Frond Villa
23m AED - Signature Frond Villa
21.7m AED – Carat XX11 Villa
21m AED - Signature Frond Villa
Most expensive Apartments Sold (Top 4):
12,961m AED – Serenia Residences – 4 Bedrooms
7.5m AED - Serenia Residences – 3 Bedrooms
6.908m AED– Serenia Residences – 4 Beds
6.674m AED– Serenia Residences – 4 Beds
Average Price per SqFt for a Palm Property - 1,506 AED Per Sqft
Maximum Price Per SqFt Paid:
Average Property Size Sold - 1,786 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, please note that the data is sometimes put into incorrect categories and some villas may infact be plot sales.)
Signature Villa Sizes (Nakheel & Custom built): 31m, 23, 21, 21, 18.85m, 18m, 16m, 13,988m, 13,874m, 13,818m, 13,471m, 13,297m, 13,125m, 12,881m, 10,519m, 10.4m
Garden Home Villa Sizes (Nakheel & Custom built): 12m, 11.6m 10.8m, 9m, 8.7m, 8.65m, 8.35m, 8.25m, 8.2m
Carat XX11 Villa: 21.7m, 13,645m
Balqis Residences Villa: 11.438m AED
Townhouses (Can include Palma Residences and Canal coves): 5.5m, 5.5m, 5.5m, 5.5m, 5,050m, 4.8m
Off Plan Sales - Oqood Issued
Total Volume of Sales: 50
Total amount of Sales (AED): 201,270,000m AED
Apartments Sold: 34
Serviced Apartments Sold: 16
Average Price per SqFt : 2,603 AED Sqft
Maximum Price for Sqft Sold: 5,855 AED Sqft
Minimum Price Per Sqft Sold: 745 AED Sqft
Most Expensive Off Plan Properties Sold in AED (Top 4)
23.370m – W Residences – 3 Bedrooms
21m – Royal Atlantis – 3 Bedrooms
17.3m – W Residences – 3 Bedrooms
17m – W Residences – 3 Bedrooms
% Breakdown of overall volume of transactions for Off plan sales in Q3 – 2019
Azizi Mina – 1 Transaction (2%)
Balqis Residences – 3 Transactions (6%)
One Palm Omniyat - 1 Transaction (2%)
Seven Residences – 15 Transactions (30%)
The 8 – 8 Transactions (16%)
Alef W Residences – 3 Transactions (6%)
Palm Tower – 17 Transactions (34%)
Royal Atlantis – 1 Transaction (2%)
Overall Sales Of Off Plan & Ready Properties Q3 2019
Total Volume of Sales: 204
Total amount of Sales (AED): 896,710,000m AED
Apartments Sold: 135
Villas Sold: 34
Land Sold: 9
Serviced Apartments Sold: 26
All Quarterly stats taken from Reidin
The above statistics show healthy increase in transaction volumes when compared to Q2 2019 and the same quarter a year ago. Apartment sales still make up the bulk of transactions (over 66%) The high value transactions for apartments were all dominated by the Azure Residences, whichhave seen healthy sales all year.
Buyers with budgets of 0m to 4m AED are dominating the market with 74% of transactions. 25% of transactions were for 4m+ AED, this shows a good number of high ticket deals considering market sentiment.
Villa sales saw a sharp rise, with 34 transactions making up 17% of all deals in the quarter, at current prices clients with long term plans of living in Dubai are appreciating competitive prices.
The top four sales transactions alone totalled over 99m AED worth of transactions.
The general sentiment on the palm is that prices have plateaued and now is a good time to for clients to buy. Clients who have a long term vision for Dubai or have been renting for a number of years and are making the jump to owner occupier.
Feel free to contact me if you are looking at buying, selling or renting. With over 10 years’ experience on the Palm Jumeirah I 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