Palm Jumeirah - Posting the Highest Number of Home Sales
Dubaiâ€™s Palm Jumeirah is not only registering a new record high villa price but also posting the highest number of home sales in almost five years:
- Ultra-prime home sales across Dubai are nowhere better reflected than on the Palm Jumeirah, where average transacted prices, at over Dh2,100 are at their highest level in over five years.
- Villas remain in high demand as both resident expats and international investors seek to secure larger and more luxurious homes in the most prestigious parts of the city.
The Covid -19 Pandemic
- Pandemic taught us all the importance of personal space and with a shift to hybrid working models emerging as the norm, families are seeking accommodation that delivers on space, luxury and exclusivity.
- Accelerating trend has driven average transacted villa prices on the Palm Jumeirah up by an impressive 40 % over the last four years.
Registering a New Record
- A new record was set in July with the $32.9 million sale of a villa on Jumeirah Bay Island to a European buyer, highlighting the buoyancy in the villa market.
- The most expensive home to sell in 2021 was on the Palm Jumeirah, where One100 Palm sold for over $30 million in March.
- At Dh3,250 average transacted villa prices are just shy of the all-time record high of Dh3,436 set in Q3 2017.
- A little over 2.0 % of the total number of villa sales across Dubai, the 90 villa transactions on the Palm Jumeirah drove almost 13.5 % of the Dh15.8 billion city-wide villa transactions during Q2.
The Palm Jumeirah, Coming into Its Own
- The opening of Nakheel Mall has helped to cement the amenities available to the islandâ€™s residents, helping to create not only an exclusive enclave, but one that epitomises the very definition of a 15-minute city; an emerging and highly desirable legacy trend of the pandemic globally.
Palm Jumeirah Apartments
- Apartments on the Palm Jumeirah have also shown a resurgence in transactional activity, with 300 flats selling in Q2 alone; the highest since Q3 2015.
- Average apartment deal size now stands at almost Dh1,800, the highest level since 2016.
- Number of transactions for Q2 2021 with record breaking months and sales prices.
- Apartment sales make up a large proportion of transactions with a number of high value transactions for the boutique developments:
1. Palme Couture
2. Atlantis The Royal
3. One Palm
4. W Residences
Sales of Villas & Townhouses
- Villa and townhouse sales remained strong, continuing on from the Q1 2021 momentum, and prices saw a sharp increase compared to the previous quarters.
The Villa Markets
- Has always proven to have its own micro market and with so many transactions happening.
- Seeing price expectations increasing with the demand being higher than the current villa supply, evident with both sales and rentals transactions.