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According to experts, prices for coastal real estate in Dubai are unlikely to stabilize in the near future. Only the new Palm Jebel Ali district will be able to influence the situation, but it will not happen soon.
Due to the demand from wealthy foreigners, prices for coastal real estate in Dubai have more than doubled since 2020. As an example, analysts most often consider Palm Jumeirah. The price for villas in June 2020 here was AED 19,407 ($5,283) per square meter. By June 2023, the price per square meter rose to AED 45,165 ($12,296), that is, by 132%. Apartment prices have increased by 119% over the same period.
Investors are most interested in the areas of Jumeirah Islands, Bluewater Island and the recently relaunched Palm Jebel Ali. The latter is twice the size of Palm Jumeirah and, according to experts, will help stabilize prices for coastal real estate in the future. But experts also note that this will not happen soon.
The Palm Jebel Ali project was restarted only on May 31, 2023, by the decision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, ruler of Dubai. It will take several years (probably about a dozen) before people begin to populate the new artificial island en masse, analysts say.
