Jumeirah Islands Becomes New Hotspot For Millionaires, Closed Over DH10 Million Deals Over The Past Three Years
The man-made Island-Jumeirah Islands- has recorded over DH10 million deals in the span of the last three years, becoming millionaires’ haven in Dubai. Elites who are seeking luxurious places to call home are attracted to this neighborhood, raising the ranks of this community.
Like Emirates Hills, Jumeirah Bay Island and Palm Jumeirah, Jumeirah Islands has also become an investment attraction for elites who intend to experience Dubai’s lavish lifestyle. 10% of all transactions were worth more than DH10 million in the last three years, depicting the value of this neighbourhood and its potential to maintain its standard and value. A 5,500 sq. ft. 4-bedroom home was the most expensive home that was sold for DH28 million in December 2023.
Will Mckintosh, regional partner and head of residential for Mena at Knight Frank was of the view that Dubai is no longer an emerging market but a market that has emerged.
He further added, “The growing list of prime residential neighborhoods is yet another sign of maturity bedding in and it is only a matter of time before other areas such as Tilal Al Ghaf, Jumeirah Golf Estates, Al Barari and/or Blue Waters also make the transition to prime status.”
Faisal Durrani, partner and head of research for Mena at Knight Frank, stated, As we saw throughout the pandemic, the ‘race for space’ underpinned the performance of villa prices in Dubai, which jumped by 17 percent over the last 12 months and the same has been true for Jumeirah Islands. The other factor contributing to its ascension to the prime club has been the unending surge in demand from international buyers for either waterfront homes, or those that offer access to parks and/or green spaces – and Jumeirah Islands provides both.”
He also said the number of houses available for sale has also decreased by 28% because of the high demand for properties on the Jumeirah Islands. He was of the view that buyers continue to pay record prices for homes in this neighborhood and also spend hefty amounts to refurbish their purchased properties.
