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 Golden Mile sold prices achieved steady growth during 2023 as buyers notice the relative affordability at Golden Mile. 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.
Golden Mile - Sold Price Growth AED/sq.ft)
Source: PropertyMonitor.ae
An impressive growth of sold prices at 29.6% during the past 12 months. However, the sold prices are beginning to level-off and follow the general trend experienced in Palm Jumeirah during 2023-2024.
Data Source : Property Monitor
The quantity of apartments sold each quarter has decreased significantly since Q2 of 2023.
However, there are still buyers in the market and particularly for vacant on transfer apartments.
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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