#report: Jumeirah Beach Residence (JBR) Market Performance Q1 2020

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

 

Q1 2020

 

Total number of sales transactions:

176

Total Value of transactions(AED):

360,089,904

Highest value transaction(AED):

8,000,000

Average Price per SQ.FT(AED):

1,027

 
 

Q1 2019

 

Total number of sales transactions:

75

Total Value of transactions(AED):

118,789,596

Highest value transaction(AED):

3,542,918

Average Price per SQ.FT(AED):

1,068


 

5 Most Expensive Secondary Market Transactions in Q1 2020

3BR penthouse, total BUA of 4,155 SQ.FT at Al Fattan Marine Towers sold for AED 8,000,000

3BR penthouse, total BUA of 4,080 SQ.FT at Al Fattan Marine Towers sold for AED 5,700,000

3BR penthouse, total BUA of 4,080 SQ.FT at Al Fattan Marine Towers sold for AED 5,675,000

4BR apartment, total BUA of 3,503 SQ.FT at Al Fattan Marine Towers sold for AED 5,200,000

4BR apartment, total BUA of 2,912 SQ.FT at Al Murjan 5 sold for AED 4,000,000

 

Comparison Between Q1 2020 vs Q1 2019 (Off Plan-Primary Market)

 

Q1 2020

 

Total number of sales transactions:

145

Total Value of transactions(AED):

552,083,214

Highest value transaction(AED):

14,020,000

Average Price per SQ.FT(AED):

2,032

 

Q1 2019

 

Total number of sales transactions:

13

Total Value of transactions(AED):

88,914,500

Highest value transaction(AED):

13,880,000

Average Price per SQ.FT(AED):

2,574

 

5 Most Expensive Off Plan- Primary Market Transactions in Q1 2020

4BR apartment, total BUA of 3,765 SQ.FT at 1 JBR sold for AED 14,020,000

5BR apartment, total BUA of 5,018 SQ.FT at The Address Jumeirah Resort & Spa sold for AED 13,921,500

4BR apartment, total BUA of 3,747 SQ.FT at 1 JBR sold for AED 13,870,000

4BR apartment, total BUA of 3,761 SQ.FT at 1 JBR sold for AED 13,790,000

4BR apartment, total BUA of 3,600 SQ.FT at 1 JBR sold for AED 13,400,000

 

Analyst Note:

Looking at the secondary market comparison above readers may think that transactions in Q1 2020 have jumped by 135% in number and 200% in value comparing with the same quarter of 2019 , but unfortunately this data doesn’t reflect the reality since there were 113 transactions registered in Dubai land Department for Al Fattan Marine Towers with a total value of 278 Million AED that has to be taken out of our analysis because these transactions are just a late registration of units sold by the developer of Al Fattan Marine Towers.

633 Million AED was spent on residential property purchases (both primary & secondary markets) in JBR during Q1 2020 versus 207 Million AED during the same period last year, an increase of 205% in the total value of transactions registered in the community.

63 properties were sold during Q1 2020 in the secondary market segment with a total value of 81 Million AED that’s a decrease of 16% in terms number and 31% in terms of value comparing with the same quarter of last year, while the price per SQ.FT remained stable in the community with a drop of 3% only .

Murjan towers witnessed the highest demand during the first quarter of 2020, 18 properties were sold with a total value of 25.5 Million AED. the only secondary market transaction registered above the 1 Million dollars figure was in Murjan also (highlighted above).

The primary market had a very positive quarter with an increase of 1015% in terms of number and 529% in terms of value for properties sold comparing with the same quarter of 2019, the primary market transactions accounted for 87% of all properties sold during Q1 2020.

The latest development of Dubai Properties La Vie was the most popular and witnessed the highest demand, 99 properties were sold in the development during this period with a total value of 278.7 Million AED.

JBR has been a top choice for HNWI’s and such data is the biggest proof, only 3 luxury new developments (La vie,1 JBR and addressed Jumeirah hotel &spa) accounted for a massive number of transactions and sold for a price per SQ.FT among the highest of Dubai communities.

Source : Research Team Through DLD/ Price Finder