Jumeirah Islands : New Hotspot for Dubai millionaires

Jumeirah Islands records Dh10 million-plus deals in 3 years. Jumeirah Islands has become a new hotspot for elites moving to Dubai, joining prestigious areas like Emirates Hills, Jumeirah Bay Island, and Palm Jumeirah. In the past three years, Jumeirah Islands accounted for over 10% of all property deals valued at over Dh10 million. This highlights its ability to hold value and establish itself as a prime neighborhood.

The most expensive sale in Jumeirah Islands was a 4-bedroom, 5,500 Sqft. home, sold for Dh28 Million (Dh5,111 per square foot) in late December 2023. Over the past year, 97 homes in Jumeirah Islands have been sold, totaling around Dh1 billion.

According to Faisal Durrani, partner and head of research for MENA at Knight Frank, high demand for Jumeirah Islands properties has caused a 28% drop in available homes, now down to 279 in the past 12 months. This contributes to a 44% decline in prime home listings across Dubai, reducing the total number to around 4,900 properties.

He added that buyers are not only paying record prices for homes in Jumeirah Islands but are also investing heavily in refurbishments. This trend indicates a long-term buy-to-hold or buy-to-live mindset that has characterized the market for the past four years.

Shehzad Jamal, partner for strategy and consultancy for MEA at Knight Frank mentioned that, the desire to purchase a villa in Dubai increases along with net worth levels. It starts at 30% for individuals with a net worth of $2-5 million and rises to 48% for those with personal wealth exceeding $15 million. This percentage further increases to 59% among global high net worth individuals with a net worth surpassing $20 million.

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