Residential values in prime markets in the emirate which comprise the districts of Palm Jumeirah, Jumeirah Bay Island and Emirates Hills will strengthen, with a growth rate of 29% in the third quarter of 2022. In accordance with the report, the price rises can be attributed to a shortage of new supply and strong inflows of ultra-high-net-worth individuals (UHNWI), who are aimed at purchasing second homes in Dubai.
Since the start of the pandemic, one of the most prestigious areas in the emirate, Palm Jumeirah, has registered price growth for prime real estate
in excess of 100%. Prime residential prices across other top districts in Dubai increased by 89% in the last year. As stated by the report, property prices start from a low base, which makes the emirate one of the most ‘affordable’ luxurious residential markets in the world.