#Report: Business Bay real estate market Performance Q1 2020

Comparison Between Q1 2019 vs Q1 2020 (Secondary market sales)

 

2020

 

Total number of sales transactions:

195

Total Value of sales transactions(AED):

313,088,110

Highest value transaction(AED):

4,450,000

Average Price per SQ.FT(AED):

1,075

 

 

2019

 

Total number of sales transactions:

167

Total Value of sales transactions(AED):

315,986,888

Highest value transaction(AED):

17,558,260

Average Price per SQ.FT(AED):

1,322

 

5 Most Expensive Secondary Market Transactions in 2020

 

4BR townhouse, total BUA of 4,467 SQ. at Plaza Boutique Executive Towers sold for AED 4,450,000

4BR townhouse, total BUA of 7,975 SQ. at Plaza Boutique Executive Towers sold for AED 4,150,000

2BR apartment, total BUA of 1,515 SQ. at Tower B Executive Towers sold for AED 3,965,000

3BR garden apartment, total BUA of 3,030 SQ. at Tower A Executive Towers sold for AED 3,689,729

3BR garden apartment, total BUA of 3,030 SQ. at Tower A Executive Towers sold for AED 3,675,101

 

Comparison Between 2019 vs 2020 (Off Plan-Primary Market)

 

2020

 

Total number of sales transactions:

510

Total Value of sales transactions(AED):

623,162,753

Highest value transaction(AED):

10,000,000

Average Price per SQ.FT(AED):

1,557

 

 

2019

 

Total number of sales transactions:

407

Total Value of sales transactions(AED):

545,232,225

Highest value transaction(AED):

9,962,496

Average Price per SQ.FT(AED):

1,783

 

5 Most Expensive Off Plan- Primary Market Transactions in 2020

 

Townhouse, total BUA of 16,910 SQ. FT at Burj Pacific sold for AED 10,000,000

3BR apartment, total BUA of 1,643 SQ. FT at Paramount Tower Hotel & Residences sold for AED 2,902,000

3BR apartment, total BUA of 1,643 SQ. FT at Paramount Tower Hotel & Residences sold for AED 2,766,000

3BR apartment, total BUA of 1,651 SQ. FT at Paramount Tower Hotel & Residences sold for AED 2,666,365

2BR apartment, total BUA of 1,862 SQ. FT at SLS Dubai Hotel & Residences sold for AED 2,657,591

 

 

Analyst note:

 

936 Million AED was spent on residential property purchases in Business Bay during Q1 2020 versus 861 Million AED during the same period last year, an increase of 8.7% in the total value of transactions registered in the community.

The primary market (off plan) transactions represented 66% of the total properties registered/transferred in Q1 2020, it’s not a major change comparing to last years figures where the primary market transactions represented 63% of the total properties sold in the community, 3% improvement year on year.

The secondary market transactions increased by 16.7% in terms of number and remained stable with a decrease of 0.9% only in terms of value however, the primary market (off plan) witnessed an increase in both number and value by 25% and 14% respectively.

We expect a further increase in demand for ready properties in the community due to the low price per sq.ft comparing with the primary market and the attractive location of Business bay with a proximity to Downtown, the avarge price per sq.ft for the secondary market is at 1,075 AED versus 1,557 AED per sq.ft for the primary market.

The Executive towers development dominated transactions above the 1 Million Dollars tag during this quarter due to the large size of properties it offers and the attractive price per sq.ft. 

 

 

Source : Research Team Through DLD/ Price Finder