Golden Mile - Sold Prices - Market Trends

Market Trends and Sold Prices in Golden Mile, Palm Jumeirah.

Author Gareth Davies - Award Winning Broker and Property Consultant

The sold prices at Golden Mile have leveled-off during the past 6 months. However, there has been more positive monthly growth in the past 3 months.

• The majority of enquiries are from buyers searching for a property to purchase and occupy themselves - the problem is the lack of apartments available Vacant on Transfer.

• The quantity of apartments sold during the first half of 2024 has decreased compared to the same period in 2023.

Graph: Palm Jumeirah : Sold Price Growth (AED/sq.ft)

Source: Property Monitor

Graph: Golden Mile : Sold Price Growth (AED/sq.ft)

Data Source : Property Monitor

Sold Prices at Golden Mile

Source: PropertyMonitor.ae

Source: PropertyMonitor.ae

Source: PropertyMonitor.ae

Source: PropertyMonitor.ae

The sold prices of apartments have a wide-range. This is mainly due to the difference between leased apartments with Tenancy Contracts which have been renewed a few times and the rent increases being restricted, and the more recent Tenancy Contracts with current market rents being paid.

Even more significant is the offers being made for Vacant on Transfer apartments where potential owner-occupier buyers often offer from 5% to 12% more than investors because they want to purchase and occupy themselves (end-user buyers).

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