Jumeirah Lake Towers (JLT) Residential Secondary Market Performance Report 2019
Weaker performance for jlt in 2019 comparing to 2018
Comparison Between 2019 vs 2018
2019
Total number of sales transactions: 451
Total Value of sales transactions: AED 392,978,097
Highest value transaction: AED 4,543,770
Average Price per sq. ft.: AED 862
2018
Total number of sales transactions: 525
Total Value of sales transactions: AED 549,419,975
Highest value transaction: AED 4,000,000
Average Price per sq. ft.: AED 1,060
5 Most Expensive Transactions in 2019
1- 3BR Apartment of total BUA 3,105 SQ.FT at The Residences sold for AED 4,543,770
2- 3BR Apartment of total BUA 2,366 SQ.FT at The Residences sold for AED 3,500,000
3- 3BR Apartment of total BUA 3,146 SQ.FT at Green Lake Tower 1 sold for AED 2,700,000
4- 3BR Apartment of total BUA 2,797 SQ.FT at Al Seef Tower 3 sold for AED 2,700,000
5- 2BR apartment of total BUA 1,675 SQ.FT at The Residences sold for AED 2,420,600
Analysts Note
The number of property transfers in Jumeirah Lake Towers, (JLT) in 2019 dropped in terms of number and value comparing to 2018. 13 transactions above 2 million Dirhams were recorded in 2019 while 24 transactions were recorded in 2018. Transactions below 1 million Dirhams have strongly increased, 308 properties sold in 2019 comparing to 264 properties in 2018. The recent drop in prices made buying a property in prime locations similar to JLT much affordable and easier for those who have a budget below 1 million Dirhams where such buyer could only afford to buy properties in Dubailand District in communities similar JVC , JVT & Motor City couple of years back. an analyst expects that this trend will continue in 2020 and properties below 1 milion Dirhams will record a stronger demand because of the community's great connectivity and accessibility as well as the combination of commercial and residential district that offers people working in the community the perfect work life balance .
