Prime property prices in Dubai rose by 11.29% in the third quarter of 2022

• The major property market experienced an average price increase of 11.29% after achieving sales volume growth of 1.11% on a quarterly basis.

• The price per square foot was highest in Jumeirah, followed by Jumeirah Bay and Palm Jumeirah

• The highest increase in sales volume was recorded in Jumeirah, Zabeel and Business Bay

• The volume of sales of prime apartments in the third quarter increased by 4.75% to AED 16.7 billion

• Investors are showing their preference for apartments and large properties with the emergence of new prime neighborhoods such as Zabeel which have been characterized by high value sales.

Dubai: The results of an analysis conducted by Luxpatite Sotheby’s International Realty, based on data from the Dubai Land Department, showed that the main real estate sector in Dubai continues to maintain its stability, with the total market size increasing by 1 ,11% grew. a quarterly basis to reach 21.9 One billion dirhams, and average prices increased by 11.29%, bringing the average price of prime properties to 6.4 million dirhams​​​​. A total of 7,552 properties were sold in the main Dubai residential market in that period, including 6,940 apartments, 316 villas and 251 townhouses, reflecting a quarter-on-quarter increase of 7.06%. The price per square foot was highest in Jumeirah (10,942 dirhams), followed by Jumeirah Bay (5,305 dirhams), then Palm Jumeirah (3,018 dirhams).

The report covered the main residential market areas in Dubai, which include Al Barari, Arabian Ranches, Downtown Dubai, Dubai Marina, Business Bay, Emirates Living, Jumeirah, Jumeirah Bay, Jumeirah Beach Residence, Mohammed Bin Rashid City, Jumeirah Golf Estates, Jumeirah- islands are. , Lake Towers Jumeirah, Palm Jumeirah and Zabeel were added to the list of key areas this quarter due to the many projects seen such as Zabeel 1, a luxury mixed-use development, and Residences 1 by wasl Asset Management Group.

Neighborhoods such as Jumeirah, Madinat Mohammed Bin Rashid and Arabian Ranches experienced an increase in demand from investors looking for large homes with an increase of 86.8% (3,043 sq ft), 16.9% (9 877 sq ft) and 9.1% (4,625 sq ft) respectively during the last quarter.

The top three regions in terms of sales volume in the prime sector saw no change compared to the previous quarter, with Palm Jumeirah generating sales of AED 5.10 billion, Business Bay (AED 3.79 billion) and Downtown Dubai ( AED 3.59 billion). which turned out to be the most The pitches are preferred by homebuyers.

Top 5 major residential areas in terms of sales volume

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Large residential areas

Sales Volume (AED)

1

Palm Jumeirah

5,100,380,759

2

Commercial divide

3,795,850,073

3

Downtown Dubai

3,591,310,874

4

Mohammed bin Rashid City

2 378 487 641

5

Dubai Marina

1,764,161,933

Source: Sotheby’s International Realty, Real Estate Monitor October 2022

On this occasion he said, Chris Whitehead, Managing Partner, Luxpets Sotheby’s International Realty: “The real estate sector continues to grow in Dubai, as the volatility of the market in some countries in recent years has encouraged the high net worth and billionaires around the world to buy homes within the region. These homes offer many opportunities. for investors and encourage encouraging them to make purchasing decisions based on the many benefits they offer them. This encourages them to relocate to Dubai to take advantage of investment opportunities, do business and settle in a safe and comfortable environment. The results of the third quarter shows the appetite of high net worth individuals to buy luxury properties across the city, including new neighborhoods like Zabeel.”

The most important market for apartments

Contrary to what happened in the last quarter, statistics show that apartment sales increased by 9.39% and sales volume increased by 4.75% to a total of AED 16.7 billion, with branded apartments taking the largest share in terms of take volume.

In terms of the main aggregate market, Mohammed Bin Rashid City saw an increase in the number of units sold on a quarterly basis by 67.7%, followed by Business Bay (59.84%) and Zabeel (30.99 %). More than a third of the apartments in Business Bay have been sold with a total of 2,420 units, and projects such as the Dorchester Group have been so popular that Luxpatites Sotheby’s International Realty managed to sell a 7,779.48 square foot villa to sell for AED 39.2 million. the third quarter.

The results indicate that the top three areas with the highest sales volume of apartments are Palm Jumeirah (AED 3.89 billion), followed by Business Bay (AED 3.79 billion) and Downtown (AED 3.59 billion). While the total volume of apartment sales increased, the average cost of a principal apartment decreased by 9.47% qoq at an average rate of AED 4.1 million.

Sales of prime apartments on the map accounted for the largest share of the total sales volume in the prime sector with a total of AED 10.4 billion, representing an increase of 24.76% compared to the previous quarter. It was powered by luxury brand residences such as Mr. Sea Residences, Palm 1, Six Senses, Atlantis The Royal Residences and IFA on Palm Jumeirah.

While the average cost of a principal residence decreased overall, average prices for off-plan properties in the prime sector increased by 19.6%, bringing the average transaction price to AED 8 million.

The main villa market

While villa sales volume decreased by 9.91% on a quarterly basis, their average price increased by 33% to AED 4.53 billion. However, with the emergence of new projects, villas sold in Jumeirah and Jumeirah Bay saw a significant increase in sales, reaching 802% (AED 290 million) and 544% (AED 205 million) respectively. At the same time, the average transaction price for prime villas rose to AED 18.4 million, up 33% per square foot and up 50% in price per square foot to reach AED 3,483.

Palm Jumeirah was the most popular area for the sale of villas in the third quarter of 2022, with a total sales volume of 1.1 billion dirhams, followed by Emirates Living with 867 million dirhams, and then Mohammed bin Rashid City with 669 million dirhams.

The top 10 housing deals in the third quarter of 2022

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Project area

Price (AED)

Building area (square feet)

1

Frond G Villa in Palm Jumeirah

302,500,000

33,000

2

Villa Sector L in Emirates Hills

210,000,000

16,014

3

Residential land in Jumeirah Bay

180,000,000

4

Atlantis The Royal Residences on Palm Jumeirah

163 461 539

13 476

5

Frond N Villa in Palm Jumeirah

145,000,000

32,932

6

Marsa Al Arab in Umm Suqeim 3

145,000,000

20,979

7

Marsa Al Arab in Umm Suqeim 3

120,000,000

17,712

8

Bvlgari Resort and Residences, Jumeirah Bay

115,000,000

7 115

9

Six Senses Residences at Palm Jumeirah

92,070,000

25,775

10

Six Senses Residences at Palm Jumeirah

90,000,000

34 621

11

One at Palm in Palm Jumeirah

89,500,000

56 379

Source: Luxpets Sotheby’s International Realty and Property Monitor Analysis, October 2022. Featured transactions represent those closed by Luxpets Sotheby’s International Realty

Among the top 10 deals closed in the third quarter of 2022, Luxpetites sold to Sotheby’s International Realty a 46,222 square foot duplex residential plot in Jumeirah for AED 180 million sold by Dr. Tayseer Al Saati, executive partner of the company, and a villa in Palm Jumeirah for 145 million dirhams, which was sold by the company’s executive partner, Honey Delami. Other significant deals undertaken by the luxury real estate brokerage firm in the third quarter include three villas in Emirates Hills with a total value of AED 158 million and the resale of a 4-bedroom apartment in Palm 1 for AED 56 million, in addition to several other transactions other.

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