Over 10,557 apartments and 1,512 villas were transacted within 2020 in the Dubai prime residential market. Q4 was the best performing quarter at AED 9.2 billion in terms of sales volume. Total volume of transactions in the prime residential market was AED 29.54 billion, according to analysis by LUXHABITAT Sotheby’s based on data from the Dubai Land Department.
There has also been a 5% correction in price/AED sqft across the prime residential market from AED 1,327 to AED 1,193, thereby indicating a strong surge in buyer activity. The Dubai prime residential market areas used for the analysis 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 and Palm Jumeirah.
The top 3 areas in terms of sales volume were MBR City (AED 6.4 billion), Downtown Dubai (AED 5.1 billion) and Palm Jumeirah (AED 3.5 billion). The Jumeirah Beach Residence area showed the highest growth of sales at AED 1.8 billion (5x times higher than 2019), followed by Jumeirah (4x growth in sales at AED 651 million) and Jumeirah Islands (2x growth in sales at AED 284 million).
2020 proved the global stature of Luxhabitat Sotheby's International Realty. During a year filled with economic uncertainty, we closed the year with over 1 billion AED worth of sales transactions.
said Chris Whitehead, Managing Partner at Luxhabitat Sotheby's. "We strongly believe that Dubai will play a key role in the post-pandemic scenario as well for how it has handled the pandemic issue on a global level while keeping the economy open. And 2021 will be a bigger, better year for us as well the Dubai property market."
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