The most expensive home sold in the island cluster was a 4-bedroom property, which fetched Dh28 million in December 2023.
Jumeirah Islands has become a new hunting ground for elites choosing to make Dubai their home, joining the ranks of Emirates Hills, Jumeirah Bay Island, and Palm Jumeirah.
The Islands recorded more than 10 per cent of all deals valued at over Dh10 million over the past three years, demonstrating the area's ability to hold its value and solidifying its status as a prime neighborhood.
The most expensive home sold in the man-made island cluster was a 4-bedroom, 5,500 square foot home, which was sold for Dh28 million – or Dh5,111 per square foot – in late December 2023. The past 12 months have seen 97 homes changing hands in Jumeirah Islands, worth approximately Dh1 billion.
The growing list of prime residential neighborhoods is another sign of maturity bedding in, and it is only a matter of time before other areas such as Tilal Al Ghaf, Jumeirah Golf Estates, Al Barari, and/or Blue Waters also make the transition to prime status.
Due to the high demand for properties in Jumeirah Islands, the number of homes available for sale has declined by 28 per cent over the last 12 months to 279 homes, contributing to a 44 per cent fall in prime home listings in the city to around 4,900 properties.
Buyers continue to pay record prices for homes in the Islands and are spending similar amounts on refurbishing them, indicating a longer-term buy-to-hold or buy-to-live mentality that has defined the market for the last four years.
Throughout the pandemic, the 'race for space' underpinned the performance of villa prices in Dubai, which jumped by 17 per cent over the last 12 months. This trend has also been true for Jumeirah Islands. Another factor contributing to its ascension to the prime club is the unending surge in demand from international buyers for either waterfront homes or those that offer access to parks and/or green spaces – and Jumeirah Islands provides both.
The aspiration to buy a villa in Dubai rises with levels of net worth, growing from 30 per cent for those with a net worth of $2-5 million to 48 per cent for those with personal wealth levels of over $15 million. This figure climbs further to 59 per cent among global high net worth individuals with a net worth of over $20 million.