The number of the most expensive villas sold on Dubai’s prestigious Palm Jumeirah fell by nearly half in the first six months of 2016 compared with a year earlier as sellers shied away from marketing property in a falling market.
According to the property broker Core, an associate of Savills, transaction numbers for villas worth more than Dh10 million fell 44 per cent compared with the same period a year earlier.
It said that although super prime villas on the man-made island were the worst affected, transaction activity levels for all Palm Jumeirah villas fell approximately 25 per cent over the period.
Transaction levels were also down 25 per cent in Dubai Marina and down 19 per cent in Downtown Dubai for apartments worth more than Dh10m, while transactions of apartments worth more than Dh4m dropped 43 per cent in Dubai Marina and 36 per cent in Downtown.
Despite the falling transaction levels, Core reported that sales prices per square foot for villas on the Palm remained relatively steady, down just 4 per cent over the period. Rents fell by 7 per cent over the period.