The prices in real estate in Palm Jumeirah, in the Dubai region have had a minor rise in the last couple of months. The real estate prices for second hand homes have risen in this city.
The price per sq.feet in Palm Jumeirah has increased during the last 6 months. In June, the average price per sq.feet was AED 2,430. In July this price pretty much remained the same at a value of AED 2,368 per sq.feet. In the following two months the price per sq.feet has increased 107 %, going from AED 2,399 to AED 2,574 per sq.feet. The price per sq.feet has increased 105 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of AED 2,486.5 to AED 2,623 during October, and November.
Based upon to the price in Palm Jumeirah (cities), these have remained the same in the last 6 months. In our first sample month during June, the average price is AED 7,531,608. In July This price remains at AED 7,891,794. During the following two months (August, September) the price has had an average incrementation from AED 7,711,701 to AED 8,189,205.5. During the last two months the average price has had a strong fall compared to the previous four going from AED 7,950,453 to AED 6,527,302, which means a 82 % fall.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of AED 6,536,138 they are 55 % more affordable than the average price for Palm Jumeirah. The properties with the highest average price have 4 bedrooms, Their price is 249 % more costly than the average. After that we have properties with 3 bedrooms priced at AED 7,067,187.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the cheapest ones at a cost of AED 2,388 / sq.feet, with an average AED 2,693 / sq.feet price in Palm Jumeirah. The properties with the highest average prices have 4 bedrooms. They are 42 % more expensive than the average followed by properties with 1 bedroom with a price at AED 2,646 / sq.feet.
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of AED 6,536,138 it is 36 % cheaper than the average price in Palm Jumeirah. "Townhouse" is seen as the second most affordable property type. The dearest property type is "Villa" followed by "Commercial". At a price of AED 31,162,050 it is 509 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Land" at an average cost of AED 1,316 / sq.feet followed by "Townhouse" priced at AED 1,758 / sq.feet. "Villa" is the most costly type of property with a AED 4,541 / sq.feet cost followed by "Penthouse" with an average price of AED 4,416 / sq.feet.