Bluewaters Island Apartments 2024 Resale Report
(1st January - 31st December 2024)
AED 4,757
Average price per sq. ft
Compared to 2023
165 transactions
AED 1.51B total resale value
Apartments in Bluewaters Island 2024 Resale Report
Executive Summary
Two-bedroom apartments led transaction activity on Bluewaters Island in 2024 with 67 sales, an increase of 5.0% year-over-year, at an average price of AED 7,022,352. Three-bedroom units recorded 52 transactions in 2024, up 37.0% year-over-year, with an average price of AED 11,300,005, while one-bedroom apartments saw 36 sales, down 32.0% year-over-year, at an average price of AED 3,860,775. Four-bedroom apartments registered 8 transactions in 2024, a decline of 11.0% year-over-year, with an average price of AED 22,304,167. The off-plan primary market on Bluewaters Island recorded 7 transactions in 2024 with a total value of AED 101,358,000.
Key Facts
- In 2024, the average resale price per square foot for apartments on Bluewaters Island reached AED 4,757, an increase of 8.4% year-over-year.
- Bluewaters Island recorded 165 resale apartment transactions in 2024, a decline of 0.6% compared to the previous year.
- The total value of resale apartment transactions on Bluewaters Island in 2024 was AED 1,509,519,021, up 17.3% year-over-year.
- Ready properties accounted for 73.3% of resale transactions on Bluewaters Island in 2024, while off-plan units represented 26.7%.
- Two-bedroom apartments led resale activity on Bluewaters Island in 2024 with 67 transactions at an average price of AED 7,022,352, reflecting a 5.0% increase in transaction count year-over-year.
- Three-bedroom apartments on Bluewaters Island recorded 52 resale transactions in 2024 at an average price of AED 11,300,005, with transaction volume up 37.0% year-over-year.
- One-bedroom apartments on Bluewaters Island saw 36 resale transactions in 2024 at an average price of AED 3,860,775, a 32.0% decline in transaction count year-over-year.
Key Performance Indicators
Key Performance Indicators
Resale - 2024
Rental - 2024
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did Bluewaters Island Apartments transactions split between off-plan and ready in 2024?
In 2024, ready properties dominated transactions on Bluewaters Island, accounting for 73.3% of apartment deals versus 26.7% for off-plan units. By value, the ready segment captured an even larger share at 86.3% of total consideration, with off-plan transactions representing just 13.7%. This 12.6 percentage-point gap between transaction count and value share indicates that ready apartments commanded higher average prices than off-plan units during the period.
Which Apartments bedroom configurations recorded the highest resale activity in Bluewaters Island during 2024?
Two-bedroom apartments dominated activity on Bluewaters Island in 2024, accounting for 67 transactions at an average price of AED 7,022,352, representing a 5.0% year-on-year increase in transaction count. Three-bedroom units recorded 52 sales at an average price of AED 11,300,005, marking a 37.0% year-on-year rise in transaction volume. One-bedroom apartments saw 36 transactions at an average price of AED 3,860,775, while four-bedroom properties registered 8 sales at an average price of AED 22,304,167, with average prices across reportable segments spanning from AED 3,860,775 to AED 22,304,167.
Performance by Bedroom Type
Price Insights by Bedroom
| Bedrooms | Avg Price | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| 1 B/R | AED 3,860,775 | -1.6% | 36 | -32% |
| 2 B/R | AED 7,022,352 | +5.8% | 67 | +5% |
| 3 B/R | AED 11,300,005 | +9.1% | 52 | +37% |
| 4 B/R | AED 22,304,167 | +35% | 8 | -11% |
| 5 B/R | AED 67,000,000 | +19.8% | 2 | 0% |
Transaction Distribution by Bedroom
Transaction Volume by Bedroom Type - 2024
| Bedroom Type | Transactions |
|---|---|
| 1 B/R Bed | 36 |
| 2 B/R Bed | 67 |
| 3 B/R Bed | 52 |
| 4 B/R Bed | 8 |
| 5 B/R Bed | 2 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did off-plan primary-market sales of Apartments in Bluewaters Island perform in 2024?
Off-plan primary market activity at Bluewaters Island Apartments recorded 7 transactions totaling AED 101,358,000 in 2024. Off-plan transactions declined year-over-year, while off-plan transaction value also fell compared to the prior year. In the same period, resale activity at Bluewaters Island Apartments totaled 165 transactions worth AED 1,509,519,021, substantially outpacing primary market volumes in both deal count and value.
Rental Summary
Rental Contract Distribution - 2024
Contract Types
Rental Insights by Bedroom
| Bedrooms | Avg Rent | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| 1 B/R | AED 267,210 | +20.6% | 46 | +24% |
| 2 B/R | AED 417,543 | +25.1% | 92 | +23% |
| 3 B/R | AED 588,011 | +33.8% | 65 | +33% |
| 4 B/R | AED 983,098 | +47.2% | 12 | -14% |
| 5 B/R | AED 4,000,000 | +700% | 1 | 0% |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Dubai Apartments Market Context -- 2024
Dubai's real estate market in 2024 recorded 168,955 sale transactions and 467,487 rental transactions, underscoring the emirate's active leasing sector. Initial sales accounted for 65.9% of total sales across Dubai, while resale transactions represented 34.1% of the market. Within the rental segment, contract renewals dominated at 61.9% of all rental transactions in Dubai during 2024, compared to 38.1% for new rental contracts.
Dubai Overall Market Context
Dubai Apartments Market Totals - 2024
| Category | Percentage |
|---|---|
| Initial Sale | 65.9% |
| Resale | 34.1% |
| Category | Percentage |
|---|---|
| New | 38.1% |
| Renewal | 61.9% |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Frequently Asked Questions
What was the average price per square foot for resale apartments in Bluewaters Island in 2024?
How many resale apartment transactions occurred in Bluewaters Island during 2024?
What was the total resale transaction value for Bluewaters Island apartments in 2024?
What percentage of Bluewaters Island apartment transactions in 2024 were for ready properties?
What was the average resale price for a 2-bedroom apartment in Bluewaters Island in 2024?
What was the average resale price for a 3-bedroom apartment in Bluewaters Island in 2024?
How many off-plan primary market apartment transactions occurred in Bluewaters Island in 2024?
Methodology
This analysis of the Bluewaters Island apartment resale market draws on Property Monitor's aggregation of Dubai Land Department transaction registrations for the full calendar year 2024 (January 1 to December 31, 2024), with year-over-year comparisons calculated against the corresponding 2023 period. The dataset captured 165 resale transactions valued at AED 1,509,519,021 and an average price per square foot of AED 4,757, alongside seven off-plan registrations totaling AED 101,358,000. Readers should note that Dubai Land Department registrations reflect the date of official transfer rather than the date of sale agreement, introducing a potential lag between market activity and recorded data that may affect period-to-period comparability, particularly for transactions with extended closing timelines.
Glossary
- PSF
- Price per square foot. A standardized metric used in Dubai real estate to compare property values by dividing the total sale price by the built-up area in square feet.
- Off-plan
- A property sold by a developer before construction is complete, often purchased through installment payment plans during the building phase.
- Secondary market
- The resale market where properties are sold between private parties or investors, rather than purchased directly from the original developer.
- Ready property
- A completed, habitable property available for immediate occupancy and registration, as opposed to an off-plan unit still under construction.
- Resale
- A transaction where a property is sold by an owner who is not the original developer, regardless of whether the property was initially purchased off-plan or ready.
- Built-up area
- The total floor area of an apartment in square feet, including internal walls and columns, used as the standard measurement basis for pricing in Dubai.
- Bluewaters Island
- A master-planned mixed-use island development off the coast of Jumeirah Beach Residence, known for residential apartments, retail, and the Ain Dubai observation wheel.
- Transaction type
- A classification indicating whether a sale involves an off-plan property (under construction) or an existing property (ready or previously completed).
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