Tremendous demand for ultra luxury beachfront penthouses in JBR during 2019
Comparison Between 2018 vs 2019(Secondary market sales)
|
2019 |
|
|
Total number of sales transactions: |
300 |
|
Total Value of sales transactions(AED): |
474,194,994 |
|
Highest value transaction(AED): |
6,200,000 |
|
Average Price per SQ.FT(AED): |
904 |
|
2018 |
|
|
Total number of sales transactions: |
282 |
|
Total Value of sales transactions(AED): |
535,967,630 |
|
Highest value transaction(AED): |
15,000,000 |
|
Average Price per SQ.FT(AED): |
1,143 |
5 Most Expensive Secondary Market Transactions in 2019
4BR apartment, total BUA of 5,716 SQ.FT at Murjan 6 sold for AED 6,200,000
4BR apartment, total BUA of 5,716 SQ.FT at Murjan 6 sold for AED 6,000,000
3BR apartment, total BUA of 4,155 SQ.FT at Al Fattan Marine Towers sold for AED 5,500,000
3BR apartment, total BUA of 2,170 SQ.FT at Murjan 3 sold for AED 3,550,000
2BR apartment, total BUA of 1,462 SQ.FT at Al Bateen Residence sold for AED 3,542,918
Comparison Between 2018 vs 2019 (Off Plan-Primary Market)
|
2019 |
|
|
Total number of sales transactions: |
67 |
|
Total Value of sales transactions(AED): |
420,335,364 |
|
Highest value transaction(AED): |
33,940,000 |
|
Average Price per SQ.FT(AED): |
1,970 |
|
2018 |
|
|
Total number of sales transactions: |
44 |
|
Total Value of sales transactions(AED): |
224,364,000 |
|
Highest value transaction(AED): |
13,700,000 |
|
Average Price per SQ.FT(AED): |
2,779 |
5 Most Expensive Off Plan- Primary Market Transactions in 2019
5BR apartment, total BUA of 8,066 SQ.FT at 1 JBR sold for AED 33,940,000
5BR apartment, total BUA of 7,996 SQ.FT at 1 JBR sold for AED 33,710,000
4BR apartment, total BUA of 3,761 SQ.FT at 1 JBR sold for AED 13,880,000
4BR apartment, total BUA of 3,751 SQ.FT at 1 JBR sold for AED 13,869,900
4BR apartment, total BUA of 3,781 SQ.FT at 1 JBR sold for AED 13,860,000
Analyst Note:
we have been witnessing an increase in the number of transactions in both primary (off plan) and secondary markets during 2019. The value of secondary market transactions dropped by 11.5% compared to 2018 however the value of primary market transactions almost doubled compared to the previous year. The increase in value is a result of the high demand witnessed in the latest luxury developments launched in the area. Similar to La Vie – JBR By Dubai Properties. this development offered individuals the last opportunity to own a beachfront property with a private beach access for a decent price and payment plan.
Properties sold above the 10 Million Dirhams figure almost tripled during 2019 ,it's obvious that HNWI’s are attracted to Dubai's luxury properties , this has also been noticed in other communities in Dubai similar to business bay , downtown and DIFC , prices of luxury properties in Dubai are very attractive comparing with other cosmopolitan cities around the world ,a deeper look into transactions shows that most of the properties sold above the 10 Million Dirhams figure in JBR were penthouses at average price of 13 Million Dirhams which is equal to 3.5 Million Dollars , owning a beachfront penthouse with a private beach access and a resort style amenities is considered affordable specially when it comes with an easy payment plan .
Taking all the above into consideration, we are expecting even higher increase in demand for JBR luxury properties properties during 2020 due to it’s location and affordability comparing to similar beachfront destinations around the world.
