Record-Breaking Deals and Elite Appeal
Jumeirah Islands has emerged as a top choice for the elite seeking to make Dubai their home, alongside renowned neighborhoods like Emirates Hills, Jumeirah Bay Island, and Palm Jumeirah.
According to Knight Frank, Jumeirah Islands accounted for over 10% of transactions worth more than Dh10 million in the last three years, highlighting its value as a prime neighborhood. The most expensive property sold was a 4-bedroom, 5,500-square-foot home for Dh28 million in December 2023. In the past year alone, 97 homes in Jumeirah Islands have sold, totaling approximately Dh1 billion.
Will McKintosh, regional partner and head of residential for MENA at Knight Frank, noted that Dubai is now a mature market, with Jumeirah Islands exemplifying this growth. He expects other areas like Tilal Al Ghaf, Jumeirah Golf Estates, Al Barari, and Blue Waters to follow suit.
The demand for Jumeirah Islands properties has led to a 28% decrease in available homes, with only 279 homes currently for sale. Faisal Durrani, partner and head of research for MENA at Knight Frank, emphasized that buyers are willing to pay record prices and invest in refurbishments, indicating a buy-to-hold or buy-to-live trend.
Durrani added that the “race for space” during the pandemic boosted villa prices in Dubai by 17% over the last year, with Jumeirah Islands benefiting from the demand for waterfront and park-access homes.
Shehzad Jamal, partner for strategy and consultancy for MEA at Knight Frank, noted that the desire to buy a villa in Dubai increases with net worth, with 59% of global high-net-worth individuals (net worth over $20 million) expressing interest.