The sale of 34 homes in Dubai worth 1.24 billion dirhams during the first half

The prices of villas in "Palm Jumeirah" have increased by 40% in 4 years.

From the source

A report by Knight Frank, a real estate research company, showed that the real estate market in Dubai witnessed the sale of 34 homes in the first half of this year, with a total value of 1.24 billion dirhams, with a single transaction exceeding $10 million (36.7 million dirhams), with a total of 340 million. dollar.

The report, which "Emirates Today" obtained a copy of, indicated that Palm Jumeirah accounted for most of these sales of luxury homes and villas, with 19 homes, with a total value of 697.3 million dirhams.

He pointed out that a new record was set in July, with the sale of a villa in the Palm Jumeirah to a buyer of European nationality at a value of 32.9 million dollars (120.7 million dirhams), which is considered the second most expensive deal in the current year.

The report pointed to the high demand for this category of homes by wealthy foreigners, which contributed to the increase in villa prices in the Palm Jumeirah area, which is close to achieving a new record level, as prices reached their highest level since the pandemic, at the level of 3250 dirhams. per square foot in the second quarter of this year, compared to an all-time high of AED 3,436 per foot in the third quarter of 2017.

For his part, the partner and head of Middle East research at Knight Frank, Faisal Durrani, explained that "this accelerated trend in the demand for luxury real estate has led to an increase in the average prices of villas traded in Palm Jumeirah by 40% over the past four years."

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