According to the latest analysis by Knight Frank, sales and prices for real estate in Palm Jumeirah have reached the highest level in the last few years, which was facilitated by high demand from wealthy buyers of luxury homes.
The average transaction prices for residential properties on the artificial island amounted to AED 2100 ($571) per square meter in the second quarter of 2021, which is the highest level in the last 5 years, the consulting company Global real estate reported. The premium location also accounted for more than half of the multimillion-dollar homes sold during the first half of the year. 19 of the 34 houses worth more than $10 million sold in Dubai between January and June were located on the Palm Jumeirah.
Buyers are particularly interested in buying villas, as the COVID-19 pandemic has emphasized the value of personal space and provoked a transition to hybrid working models.
Families are looking for housing that combines spaciousness, luxury and exclusivity. This accelerating trend has led to the fact that the average prices for villas on the Palm Jumeirah have increased by an impressive 40% over the past 4 years.