“Palm Jumeirah” and “Jumeirah Bay” account for 48% of large real estate deals in Dubai

Metropolitan Premium Properties, a subsidiary of the Metropolitan Group, revealed that the Palm Jumeirah and Jumeirah Bay Island areas in Dubai are the most preferred options for very high-net-worth individuals in the emirate, noting that these two destinations accounted for 48% of The total volume of large transactions worth 50 million dirhams or more during the first 10 months of this year.

The company stated, in a statement yesterday, that other favorite locations for buyers include “Mohammed Bin Rashid City,” Tilal Al Ghaf, and “Dubai Hills Estate.”

The company pointed out that the luxury real estate market in Dubai continues to achieve strong performance since the beginning of this year, as the total market value of properties with a price exceeding 50 million dirhams reached 13.3 billion dirhams, as of October 2024.

She explained that this growth is due to a number of factors, including the increasing number of wealthy people moving to Dubai, increasing investor confidence in it, the emirate’s strong economy, as well as its continued appeal as a global center for a luxurious lifestyle.

UK citizens topped the purchases in the category of real estate units worth more than 50 million dirhams, followed by citizens from the United States, Canada, Germany, and the UAE, respectively.

Nikita Kuznetsov, CEO of Metropolitan Premium Properties, said: “The sustainable growth of the luxury real estate market in Dubai represents a testament to the continuing attractiveness of this city, as a global investment destination that attracts investors from all over the world.”