Palm Jumeirah is the most expensive area in Dubai

Real estate prices on the man-made sharp Palm Jumeirah continue to grow rapidly, new records are being set here in the segment of villas and apartments. This is despite the fact that the demand for housing in a number of other areas of Dubai is beginning to decline. Data from consulting firm Knight Frank shows that prices for elite and ultra-elite areas of Dubai, including Palm Jumeirah, Emirates Hills and Jumeirah Bay Island, have increased by 58.9% over the past 12 months.

However, villa prices across the emirate increased by 3.2% in the first quarter of 2022 compared to 3.4% in the last three months of 2021, which was the most sluggish quarterly growth in the last two years. Overall, according to Knight Frank's analysis, house prices in Dubai rose by 10.6% last year and increased by another 2.6% during the first three months of 2022. The latest increase leaves values 11.3% higher than in the first quarter of 2021.

Prices for villas in Palm Jumeirah, on the contrary, have increased by 38.6% over the past 12 months. According to real estate experts, this area with a total sales volume of 3.10 billion dirhams is closely behind Mohammed Bin Rashid City (3.19 billion dirhams) in total sales for the first quarter of 2022, and Downtown Dubai ranks third in popularity with an indicator of 2.6 billion dirhams.