Palm Jumeirah is one of the Dubai’s most posh and uptown areas. The palm tree-shaped island is a marvel of human ingenuity, around 5+ Sq. Km in size, it is well-known for boasting the most expensive of Dubai real estate. The reason for that is simple; it is literally a beach-front property offering several kilometres of coastline. It is the perfect place for somebody wanting a great view of Dubai’s skyline and its many iconic buildings.
You can find the glitziest hotels and trendiest restaurants, plus food trucks and stalls lining the Palm Jumeirah Boardwalk, and then there are the many recreational activities, spas, and beach clubs.
Luxury properties in Dubai in higher demand
Dubai real estate sector is a major economic growth and development player. The growth is evident if we consider the number of operations in the previous and current years. According to the Dubai Land Department, more than 3,000 properties worth $31.3 billion were sold in the first half of 2022. Properties for sale in Dubai rose 89 percent between 2021 and 2022. The average price of apartments in the most popular emirate of the UAE rose 7.54 per cent in the year to June. Moreover, the trend seems to continue in the remaining year and it is recorded that Dubai real estate touched AED30 billion mark this November.
According to Knight Frank, prices for properties for sale are expected to grow by 5 to 7 per cent. In June, the total volume of transactions hit a ten-year high. More than 22 thousand sales were recorded, making it the highest number of transactions in the city since 2009. And places like Palm Jumeirah take the prize when offering luxury properties.
A breakdown of Dubai real estate performance
As of the second half of 2022, the average cost per square meter in the ultra-prime segment of the market has surpassed the US$6000 mark. While this is higher than the cost of an average apartment, it is still an improvement on the previous year’s figure. The ultra-prime segment has also seen an increase in the number of sales. Dubai prime areas are in higher demand with property prices are up 90% and in the first nine months of 2022, 152 transactions worth more than $10 million were recorded.
There were also a record amount of off-plan and secondary market transactions. Although the volume of these transactions was still relatively low, their value exceeded US$16 billion. Considering that the average cost of these properties is over US$10 million, this is a sign that the ultra-prime sector is a key driver of the Dubai real estate market. As per real estate agents in Dubai, this momentum is expected to continue.
Properties in Palm Jumeirah sold at record high prices
Just a few months ago, Mukesh Ambani, the Indian Business Tycoon bought the most expensive villa in Dubai for $163 million. He also recently purchased a few of the most expensive properties in Palm Jumeirah, one villa for a staggering $163 million and another 10-bedroom waterfront villa for $80 million. Both properties are a walking distance away from each other. The purchase was made without a mortgage. The developer, Alpago Properties, declined to confirm or name the buyer.
Mukesh Ambani’s Dubai villa, located in the island’s northern region, offers luxurious amenities and facilities for its residents. The property, which spans over 3,000 square feet and has ten bedrooms, includes opulent features such as seven spa facilities, a 70-meter-long private beach, indoor and outdoor swimming pools, a fully-equipped bar, and a modern open-plan kitchen with ample dining space. The villa’s interiors are finished with contemporary masterpieces and adorned with Italian marble, adding to its luxurious appearance. Renovations are reportedly set to begin at the property soon.
Why properties for sale in Palm Jumeirah on the rise?
Demand for real estate doesn’t happen without reason, and the properties for sale in Palm Jumeirah are on the rise for many of them:
Location: Palm Jumeirah is a highly sought-after location in Dubai, known for its luxury real estate, upscale amenities, and beautiful beaches.
Investment potential: Dubai’s real estate market has historically been strong, and Palm Jumeirah is a particularly desirable area to own property. As a result, buying property in Palm Jumeirah is considered a valuable investment.
Lifestyle: Palm Jumeirah offers a luxurious lifestyle with access to top-quality amenities, including world-class restaurants, shopping centers, and recreational facilities.
Peaches & Cream going retro at the Palm Jumeirah
Speaking of the Palm Jumeirah lifestyle, one recent unique addition to the many trendy beach clubs of the Palm is the Peaches & Cream 80’s Miami-style beach club. This is a must-visit spot for families, especially those with big kids at heart. It features a pool, bar, and other fun-filled activities. Located in Shoreline 1 Building, it’s a perfect place to take the family for a fun day.
Described as the “retro chillout lounge & beach club,” it’s a place to linger for an afternoon or an evening. The menu includes Mediterranean and pizza-style entrees and a few sweet treats. If you’re looking for something more substantial, the restaurant offers a wide selection of alcoholic beverages, including wine and malted milkshakes. In addition to the pool and bar, the restaurant has an outdoor lounge, a 3,000-square-foot beach, and a boutique clothing store.
The best part is that the location is not too far from the main attractions of Palm Jumeirah. With crashing waves and the glittering skyline as your backdrop, you’ll be hard-pressed to find a more relaxing, laid-back spot in Dubai.
Conclusion
If you are looking for luxury living in the UAE, specifically Dubai, opting for properties for sale in Palm Jumeirah is the best choice. With its many amenities, it offers luxurious living and provides world-class infrastructure. Whether you are a local or a foreigner, you can find real estate to suit your taste and budget. Moreover, it is one of the most exclusive locations in the world.
Call us at +971 4876 2473 or can also write us at info@hfre.ae and we will help you get luxury and ultra-luxury properties for sale in Dubai. Moreover, our experts can also equip you with the right market knowledge to help you make the best investment decision.
