Jumeirah Islands has become a popular choice for elites looking to make Dubai their home, with the area recording more than 10 per cent of all deals valued at over Dh10 million in the past three years. The most expensive home to sell on the man-made island cluster was a 4-bedroom 5,500 square foot home sold for Dh28 million in late December 2023. The increasing demand for properties on Jumeirah Islands has caused a 28 per cent decline in the number of homes available for sale over the last 12 months.
Knight Frank’s regional partner and head of residential for Mena, Will McKintosh, emphasized Dubai’s emergence as a mature market rather than an emerging one. He highlighted the growing list of prime residential neighborhoods in the city and predicted that other areas like Tilal Al Ghaf, Jumeirah Golf Estates, Al Barari, and Blue Waters would also transition to prime status soon. Faisal Durrani, partner and head of research for Mena at Knight Frank, noted that buyers are not only paying record prices for homes in Jumeirah Islands but also spending substantial amounts on refurbishing them, indicating a long-term buy-to-hold or buy-to-live mentality.
The ‘race for space’ during the pandemic has significantly influenced villa prices in Dubai, resulting in a 17 per cent increase over the last 12 months. This trend has also been observed in Jumeirah Islands, where international buyers are showing a growing interest in waterfront homes or properties with access to parks and green spaces. Shehzad Jamal, partner for strategy and consultancy for MEA at Knight Frank, pointed out that the desire to buy a villa in Dubai increases with the levels of net worth, especially among high net worth individuals with personal wealth exceeding $20 million.
The high demand for properties on Jumeirah Islands has led to a decrease in the number of available homes for sale, making it a prime neighborhood with prices holding their value. With the increasing interest from international buyers and the preference for homes with waterfront views or access to green spaces, Jumeirah Islands is expected to continue to attract elite residents looking for luxury living in Dubai. As the real estate market in Dubai continues to mature, other areas in the city are also likely to transition to prime status in the near future. Invest in Jumeirah Islands to enjoy a luxurious lifestyle in a prime neighborhood with high-value properties.
