Over 2,280 villas and 6,963 apartments were transacted within the third quarter of 2019 in the overall residential market. Volume of transactions in the secondary market was AED 10.8 billion, compared to AED 13.4billion in Q1 2019 (a 19% decrease), according to analysis by Luxhabitat based on data by Property Monitor. However, there was an increase in number of transactions in the secondary market by 13.75%. The average price per square foot also went up by 2.5% for secondary market units. Cuurently, the average price per square foot in the overall market for villas is AED 802 per square foot and for apartments is AED 1,010 per square foot.
Off-plan registration volumes increased by 17.3% from the previous quarter to AED 8 billion. There was a 21% increase in no. of transactions & an average price per transaction recorded at AED 1,314 per square foot. The average price for an off-plan villa is AED 1.5 million & for an apartment is 1.2 million.
PRIME RESIDENTIAL MARKET
According to Luxhabitat’s analysis, the prime residential market in Q3 2019 totalled AED 10.2 billion, which is approximately 16% lower than the previous quarter. 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, Dubai Creek Harbour, Emirates Hills, Jumeirah, Jumeirah Beach Residence, Mohammed bin Rashid city, Jumeirah Golf Estates, Jumeirah Islands, Jumeirah Lakes Towers, Palm Jumeirah, The Lakes, Meadows, & Victory Heights. The top 3 areas in terms of sales volume were MBR City (AED 2 billion), Downtown Dubai (AED 1.4 billion) and Dubai Creek Harbour (AED 894 million). Areas such as Bluewaters Island, Madinat Jumeirah Living and the Jumeirah area (especially areas such as Jumeira Bay), and Dubai Harbour have more than doubled sales from the previous quarter.
The most expensive villa sold was an AED 90 million property in District One in MBR City.
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