- Prices per sq. ft have been highest in Jumeira Bay by a major margin. Lack of availability pushes average prices by 70 % in Jumeira Bay, with apartment prices in the realm rising by 297%
- Palm Jumeirah, MBR City and Business Bay are main progress centres in This fall 2022 in phrases of gross sales volumes
- Investors present a continued desire for giant residences with a progress of 32.39% in phrases of items bought
- An average prime space apartment covers a built-up space of 4367 sq ft with the average price of a prime space apartment leaping by 93.37% over the previous quarter
- Prices of villas fall by 29.75 %
Dubai, United Arab Emirates: According to evaluation of information from the Dubai Land Department by LUXHABITAT Sotheby’s International Realty, Dubai’s prime residential market witnessed transactions worth AED 30.7 billion in This fall 2022, reflecting a quantity progress of 39.62% QoQ (quarter-on-quarter) over Q3 2022. Growing by 8.72 % QoQ, average worth of property in prime areas was AED 6.9 million with 9836 items bought. The variety of items bought additionally grew by 30.24% QoQ in prime areas.
Average worth was highest in Jumeira Bay at AED 6966 per sq ft and the average worth of a property at AED 45.7 million, regardless of solely 14 items being bought in This fall 2022. Apartments in Jumeira Bay have been bought on average at AED 64.9 million, reflecting a median worth increase by as a lot as 297%. The costliest of those have been situated at Bulgari Lighthouse & Bulgari Resorts & Residences. After Jumeira Bay, worth per sq ft was highest in Palm Jumeirah and Zabeel. Jumeira Bay additionally sees a number of investors seeking to construct their very own properties after buying plots. The average measurement and worth of a plot in the realm are 15,474.67 sq ft and AED 72 million respectively, with Jumeira Bay AED 434 million in plot gross sales alone in This fall 2022.
Chris Whitehead, Managing Partner at LUXHABITAT Sotheby’s International Realty mentioned, “The past quarter was characterized by sharp increase in price in specific prime areas. This steep rise in prices is being driven primarily by interest in high-end branded residences, with some of the preferred prime areas such as Jumeira Bay seeing investors willing to pay any price. We have been working closely with developers to ensure greater availability of new units that are cater to the exacting demands of these investors. When it comes to villas, investors are demanding ready and fully fitted units in beachfront areas such as Palm Jumeirah with several transactions over the AED 140 million price point.”
With AED 11 billion in gross sales, Palm Jumeirah continued to see essentially the most quantity gross sales progress QoQ at 117.36% adopted by Al Barari (99.48%) and Jumeirah Islands (83.35%). Palm Jumeirah additionally led in phrases of each off plan and secondary quantity gross sales progress at AED 7 billion and AED 4 billion respectively. Seeing 2085 transactions, MBR City noticed the best variety of items bought in the off plan prime market whereas Dubai Marina led throughout the secondary market with 835 items.
PRIME APARTMENTS MARKET
Most items bought have been residences that noticed a complete quantity of AED 24.08 billion and a quantity progress of 44.18% QoQ. In phrases of built-up space (BUA), the residences bought have been bigger on average by 152.74%. Business Bay noticed essentially the most residences being bought. The prime three areas accounting for the best prime apartment gross sales quantity have been Palm Jumeirah (AED 8.47 billion), Business Bay (AED 4 billion) and MBR City (AED 3 billion). The average price of a prime space apartment jumped by 93.37%. Off plan gross sales accounted for 63. 22% of all apartment items bought in This fall 2022.
PRIME VILLA MARKET
The prime villa market elevated in phrases of quantity gross sales at 14.42% with Emirates Living seeing the best variety of items bought at 77 villas. However, Palm Jumeirah noticed the best gross sales quantity at AED 2.56 billion. 62.6% of all prime space villas bought have been off plan transactions. Prices of villas dropped by 29.75 % with the average worth per sq ft falling by 26.10 %.
The Dubai prime residential market areas used for the evaluation included Al Barari, Arabian Ranches, Downtown Dubai, Dubai Marina, Business Bay, Emirates Living, Jumeirah, Jumeirah Beach Residence, Mohammed bin Rashid City, Jumeirah Golf Estates, Jumeirah Islands, Jumeirah Lake Towers, Palm Jumeirah and Zaabeel.