Prices on Dubai’s Palm Jumeirah development may have risen by over 50% in the past year, according to research by Arabian Business.
Figures seen by the magazine show that average prices for apartments on the Shoreline are now around AED1200 per square foot – compared with a low of just AED795 per square foot a year ago. The biggest jump is in prices for two and three bedroom apartments. Even the Shoreline’s left side, normally considered cheaper because it does not overlook the beach, is commanding over AED1200 per square foot.
“You would do well to find a three bedroom for AED2.6m right now. A year ago you could find one for AED1.8m and negotiate downwards,” one estate agent told Arabian Business.
The average sale price in the iconic development rose by as much as 11 percent for three-bed apartments (AED3.9m) and five-bed villas (AED20m) during April-June, according to an analysis by property website dubizzle.
One-bed apartments (AED2.15m) also shot up 8 percent, while two-bed apartments (AED3m) rose 5 percent and four-bed villas (AED12m) were up 4 percent.
Average rents, however, remained unchanged for smaller apartments and rose only marginally for three- and five-bedroom properties and plummeted 9 percent for four-bedders.
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