Dubai: Prices of villas, apartments soar by up to 100% as ultra-rich flock to the Palm

Dubai: Prices of villas, apartments soar by up to 100% as ultra-rich flock to the Palm

UAE - Ever since the opening of the Atlantis, the Royal, property prices on the Palm have risen, with some investors gaining over 100 per cent of their unit's original purchase price, according to industry experts.

Atlantis, The Royal was inaugurated last month in a spectacular ceremony that grabbed eyeballs all across the world. Singer Beyoncé took to the stage along with her 11-year-old daughter Blu Ivy, in her first performance since 2018. The property features hotel rooms as well as residences. “We have seen a dramatic increase in buying interest is due to the coming handover period,” said Lewis Allsopp, CEO of property company Allsopp & Allsopp.

“Some investors, depending on their location, have doubled their investment. This is due to a couple of factors; obviously, the market being in great condition and multiple luxury launches around giving new benchmarks.”

Last year, the Palm saw renewed interest from investors all around the world.

Arash Jalili, founder and CEO of Unique Properties, said there was a reason for it. “The Palm Jumeirah was cited as Dubai’s most preferred location among real estate investors last year with villa prices in the area rising by nearly 50 per cent,” he said. “This growth came on the