Over 2,297 apartments and 438 villas were transacted within Q3 2020 in the Dubai prime residential market, bringing a 24% increase in overall number of units sold quarter-on-quarter. Total volume of transactions in the prime residential market was AED 7.4 billion, compared to AED 5 billion in Q2 2020 (a 49% increase), according to analysis by LUXHABITAT Sotheby’s based on data from the Dubai Land Department. There has also been a 10% correction in price/AED sqft across the prime residential market from AED 1,327 to AED 1,194, thereby indicating positive levels of recovery and a strong surge in buyer activity. The Dubai prime residential market areas used for the analysis included Al Barari, Arabian Ranches, Downtown Dubai, Dubai Marina, Business Bay, Emirates Living, Jumeirah, Jumeirah Beach Residence, Mohammed bin Rashid City, Jumeirah Golf Estates, Jumeirah Islands, Jumeirah Lake Towers and Palm Jumeirah. The top 3 areas in terms of sales volume were MBR City (AED 2.2 billion), Downtown Dubai (AED 1.2 billion) and Palm Jumeirah (AED 1 billion). The Jumeirah Islands area showed the highest growth of sales at AED 72.9 million (24x times higher than the previous quarter), followed by Al Barari (5x growth in sales at AED 64.3 million) and Jumeirah (3x growth in sales at AED 197 million).
DUBAI,PRESS,RELEASE 0Register your interest with us