Palm Jumeirah is top choice of ultra-rich investors in Dubai

Palm Jumeirah is top choice of ultra-rich investors in Dubai

The iconic man-made island accounted for 30 per cent of Dubai’s real estate deals in the Dh20-million plus luxury property market segment in 2022, says a report

The most expensive villa sold in Dubai in 2022 was the Dh600 million villa on Palm Jumeirah.

Published: Tue 14 Feb 2023, 4:37 PM

Palm Jumeirah is the top preferred target of ultra-high net worth individuals (UHNWIs) investing in Dubai’s uber-luxury property market, according to a study released by a luxury property consultancy.

The iconic man-made island accounted for 30 per cent of Dubai’s real estate deals in the Dh20-million plus luxury property market segment in 2022, according to Penhouse.ae, luxury property consultants.

In 2022, Dubai Hills added 20 per cent of the total transaction volume in the segment which saw a total of 826 super luxury properties sold for a combined value of Dh29 billion.

According to Petri Mannila, sales director of Penthouse.ae, interest in investing in Dubai’s luxury property market, mainly from HNWIs in Europe and the USA, is fuelling demand which is expected to grow by 20 per cent this year even as the price of opulent properties in Dubai continues to rise sharply.

Petri Mannila, sales director of Penthouse.ae, said interest in investing in Dubai’s luxury