The Palm Jumeirah: This is the most expensive neighbourhood in Dubai

The Palm Jumeirah: This is the most expensive neighbourhood in Dubai

Property prices continue to skyrocket on The Palm Jumeirah, with the island setting new records for villas and apartments even as demand begins to soften in other areas across Dubai. Data from real estate consultancy Knight Frank indicates that prime and ultra-prime areas, including The Palm Jumeirah, Emirates Hills and Jumeirah Bay Island have surged by 58.9 per cent over the last 12 months. However, villa prices across the emirate grew by 3.2 per cent in the first quarter of the year, down from 3.4 per cent in the final three months of 2021, marking the slowest quarterly increase in over two years. Overall, house prices in Dubai grew by 10.6 per cent last year and rose by a further 2.6 per cent during the first three months of 2022, according to Knight Frank’s analysis. The latest increase leaves values 11.3 per cent higher than Q1 2021; the highest rate of annual growth since January 2015. Villa prices on the Palm Jumeirah, by contrast, have increased by 38.6 per cent in the last 12 months, says Faisal Durrani, Partner — Head of Middle East Research, Knight Frank. “The Palm Jumeirah and Emirates Hills continue to cement their iconic status, with