There are exclusively built luxurious villa homes in the neighborhood and now, Jumeirah Islands has become an upscale neighborhood in Dubai, and ranks with Emirates Hills, Jumeirah Bay Island, and Palm Jumeirah. In the last 3 years the man-made island cluster has comprised of more than 10% of all the property transactions that were above Dh10m that demonstrates existence of a very healthy market and a prime entity in line with Knight Frank, the international property consult.
The highest value of property sold in the Jumeirah Islands within this period was in December of 2023 through a four-bedroom house that had a floor area of 5500 square feet went for Dh28 million or Dh 5,111 per square feet. According to the figures obtained, within the last one year, 97 houses exchanged ownership in the said area totaling to about Dh 1 billion.
Will McKintosh, Knight Frank’s regional partner and head of residential for the MENA region responded to this by saying that Dubai or Dubai’s economy cannot be referred to as emerging anymore given the current forme He classified that the city has a list of resident geographical zones as its market expansions and asserted that other regions such as Tilal Al Ghaf, Jumeirah Golf Estates, Al Barari, Blue Waters are potential to attain more as major resident class zone.
Many buyers are now interested to properties in Jumeirah Islands that prompted a decrease of as much as 28 percent of the housing stock with home listings down to 279 in the past year. This has attributed to an overall reduction of prime home listings in the city by 44% whereby they are now estimated at approximately 4,900, according to Faisal Durrani, the partner and head of research for MENA in KNIGHT FRANK.
Durrani went on to point out that when buyers are willing to spend record amounts on Jumeirah Islands homes they are also willing to spend a considerable amount on refurbishments, which underlines their long-term commitment to the zone. He noted that there’s passion with view to purchase or obtain houses or units having access to waterside or green area that compels calls for hence boosting on the appeal of Jumeirah Islands.
Shehzad Jamal, the partner for strategy and consultancy for MEA at Knight Frank hailed the fact that the desire to have a villa in Dubai boosts as one grows rich. The respondents who stated their net worth as more than $ but less than $5 million expressed desire to own a villa in slightly lower percentage of 30 % while the high net worth individuals globally who have a net worth of more than $20 million The desire to own a villa therefore is slightly higher at 59%.
