Palm Jumeirah - Posting the Highest Number of Home Sales
Dubai’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 island’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.
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