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Mohammed bin Rashid city reports sales volumes above AED 8 billion.
Words by Aneesha Rai in The Market · Feb 9th, 2020
Over 1,454 villas and 16,522 apartments were transacted in 2019 in the overall prime residential market. Luxhabitat defines the prime residential market as a residential market composed of properties that lie on the high-end spectrum of the Dubai residential market. Luxhabitat recognises certain key areas that form part of this classification; the areas are Al Barari, Arabian Ranches, Downtown Dubai, Dubai Marina, Emirates Hills, Jumeirah, Jumeirah Beach Residence, Jumeirah Bay, Mohammed bin Rashid city, Jumeirah Golf Estates, Jumeirah Islands, Jumeirah Lakes Towers, Palm Jumeirah, The Lakes, Meadows, & Victory Heights. The volume of transactions for the overall prime market has grown by 22% to AED 42.3 billion from AED 34.4 billion in 2018.
The average price per square foot in the overall prime residential market went down by 3.72%. Currently, the average price per square foot in the overall prime market for villas is AED 1,348 per square foot and for apartments is AED 1,736 per square foot.
The top 3 areas in terms of sales volume in the overall prime residential area were Mohammed bin Rashid (MBR) City (AED 8 billion), Downtown Dubai (AED 7.9 billion) and Dubai Creek Harbour (AED 4.2 billion). Areas that have received higher volume of sales include Dubai Harbour & Bluewaters Island. Jumeirah Lake Towers (JLT), Jumeirah Golf Estates & the Palm Jumeirah also received higher sales volumes since last year.
Volume of transactions in the secondary prime market slightly dropped to AED 19.3 billion from AED 19.5 billion in 2018, according to analysis by Luxhabitat based on data by Property Monitor. The three most popular areas for the secondary market were MBR city (AED 3.8 billion), Downtown Dubai (AED 3.1 billion) and Palm Jumeirah (AED 2.7 billion). 66% of overall prime villa transactions took place on the secondary market.
Prime off-plan registration volumes almost doubled in transaction volume from 2018 to 2019. It reported an increase from AED 14.7 billion in 2018 to over 20 billion in 2019, making it a 42% increase in transaction volume . There was a 38% increase in number of units sold & an average price per transaction recorded at AED 1,761 per square foot. The average price for a prime off-plan villa is AED 4.1 million & for an apartment is 2.5 million.
View the rest of the press release here.