Luxury Property Prices Boom on Palm Jumeirah

Palm Jumeirah has seen an unprecedented surge in luxury property prices, with the average price per square foot for villas in the area hitting an all-time high of AED 5,798 in September, up 3% month-on-month and 42% year-on-year, making the luxury man-made island the most expensive villa per square foot in Dubai.

This rise reflects the growing demand for luxury and high-end living in one of the world’s most iconic and attractive areas, with Palm Jumeirah being a symbol of unique architecture, making it a preferred destination for the wealthy and investors looking for a distinctive beachfront lifestyle.

Dubai has continued to consolidate its position and status among the world’s most attractive cities for the world’s wealthy, and maintained its position on the Henley & Partners list of the 50 most attractive cities for the wealthy around the world in 2024, with the wealthy currently exceeding 72,500 millionaires, 212 centimillionaires and 15 billionaires. Dubai ranked 21st among the top 50 cities in the world, and is expected to enter the top 20 list soon.

Villa prices in the Palm Jumeirah area continued to rise steadily, with the average price of a standard villa on the luxury island now reaching AED 29 million. It remains at the top of the list of the most expensive prime villa complexes in the emirate, and by a large margin over its closest competitor, as it comes directly after the Emirates Hills area with an average price per foot of AED 4,262, followed by the Jumeirah Islands area with an average price per foot of villas at AED 2,597, according to data from the global institution “ValueStrat”.

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