Comparison Between Q1 2019 vs Q1 2020 (Secondary Market Sales)
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Q1 2020 |
|
|
Total Number of sales transactions: |
208 |
|
Total value of sales transactions (AED): |
531,280,387 |
|
Highest value transaction (AED): |
18,892,888 |
|
Average price per SQ. FT(AED): |
1,669 |
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Q1 2019 |
|
|
Total number of sales transactions: |
143 |
|
Total value of sales transactions (AED) |
349,697,136 |
|
Highest value transaction (AED): |
12,500,000 |
|
Average price per SQ. FT(AED): |
1,999 |
5 Most Expensive Secondary Market Transactions In Q1 2020
5BR apartment, total BUA of 5,419 SQ.FT at The Address residence fountain views 2 sold for 18,892,888
4BR apartment, total BUA of 4,596 SQ.FT at Burj Khalifa sold for 10,600,000
4BR apartment, total BUA of 2,703 SQ.FT at The Address residence fountain views 1 sold for 10,437,888
5BR apartment, total BUA of 3,130 SQ.FT at The Address Sky View Tower 1 sold for 9,691,888
3BR apartment, total BUA of 2,184 SQ.FT at The Address The BLVD sold for 9,542,888
Comparison between Q1 2019 vs Q1 2020 (Off plan-primary market)
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Q1 2020 |
|
|
Total Number of sales transactions: |
509 |
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Total value of sales transactions (AED): |
1,347,496,589 |
|
Highest value transaction (AED): |
20,986,888 |
|
Average price per SQ. FT(AED): |
1,951 |
|
Q1 2019 |
|
|
Total Number of sales transactions: |
613 |
|
Total value of sales transactions (AED): |
1,916,450,479 |
|
Highest value transaction (AED): |
43,552,888 |
|
Average price per SQ. FT(AED): |
2,045 |
5 Most Expensive Off Plan-Primary Market Transactions in Q1 2020
4BR apartment, total BUA of 5,333 SQ.FT at Il Primo sold for 20,986,888
4BR apartment, total BUA of 5,333 SQ.FT at Il Primo sold for 20,949,888
4BR apartment, total BUA of 5,333 SQ.FT at Il Primo sold for 20,837,888
4BR apartment, total BUA of 5,212 SQ.FT at Il Primo sold for 19,896,888
4BR apartment, total BUA of 5,212 SQ.FT at Il Primo sold for 19,428,390
Analyst note:
1.87 Bilion AED was spent during Q1 2020 on residential property purchases ,the primary market (off plan) transactions represented 71% of the properties sold during this period .
The secondary market transactions in Q1 2019 represented only 16% of properties sold while it improved 13% to represent 29% of the properties sold in the same quarter of 2020 , due to the less number of new developments launched in the community that’s nearing maturity.
Digging deeper we noticed a 45% increase in the number of transactions sold in the secondary market segment and 51% increase in terms of value comparing to Q1 2019 , the recent drop in price attracted more investors as well as end users to purchase properties in Downtown Dubai where the average price per sq.ft became 1,669 AED equals to 454 $ only.
Although the primary market still dominates the property transactions in the community however, we noticed a decrease in both number and value of properties sold comparing to last years figures, 16.9% & 29% respectively.
The price per sq.ft in the primary market remained almost stable at 1,951 AED a drop by 4.5% only comparing to the same period last year , the big gap between primary market and secondary market price per sq.ft will lead to a further increase in the coming quarters in the secondary market transactions.
High net worth individuals chose hotel serviced apartments and penthouses over regular residential buildings for a ready property choice , majority of properties sold above the 2 Million Dollars were at the address hotels and for those who decided to wait they paid almost double the average price of a luxury property sold in the secondary market to own a luxury flat at the most awaited Il primo by Emaar , where the majority of luxury property transactions took place in the primary market segment.
