Over the past 12 months, prices for luxury real estate in Dubai have increased by almost 60%

According to the consulting company Knight Frank, the «boom» in the luxury housing market in Dubai has led to an increase in prices by almost 60% over the past 12 months. This is due to the growing interest from international investors.

Popular areas are Palm Jumeirah, Emirates Hills and Jumeirah Bay Island.

In Palm Jumeirah, villa prices have increased by almost 11% during the first quarter of 2022 and by more than 38% over the past 12 months. According to the report, prices for villas in Emirates Hills increased by 6.5% in the first three months of 2022 and by almost 20% in 2021.

A number of new records have been registered on the market in recent months. In particular, apartments in Bulgari Resort and Residences were sold at the highest price per square meter in the city for all time. In addition, a custom-built 10-bedroom villa with 70 meters of private beach on Palm Jumeirah was sold for a record 280 million dirhams ($76 million).