Dubai’s New Millionaire Magnet: Jumeirah Islands Records Dh10 Million-Plus Deals in 3 Years

Dubai’s New Millionaire Magnet: Jumeirah Islands Records Dh10 Million-Plus Deals in 3 Years

Dubai, UAE – Jumeirah Islands has emerged as a prime residential hotspot for millionaires, recording significant high-value property transactions over the past three years. The upscale neighborhood has joined the elite ranks of Emirates Hills, Jumeirah Bay Island, and Palm Jumeirah, attracting wealthy buyers from around the globe.

According to global real estate consultancy Knight Frank, Jumeirah Islands accounted for more than 10 percent of all property deals valued at over Dh10 million in the past three years. This demonstrates the area’s ability to maintain its value, solidifying its status as a top-tier neighborhood.

The most expensive home sold in the man-made island cluster was a four-bedroom, 5,500-square-foot villa, which fetched Dh28 million (approximately Dh5,111 per square foot) in December 2023. Over the last 12 months alone, Jumeirah Islands saw 97 homes change hands, totaling approximately Dh1 billion in transactions.

Will McKintosh, regional partner and head of residential for MENA at Knight Frank, highlighted Dubai’s transformation from an emerging market to a fully matured one. “The growing list of prime residential neighborhoods is yet another sign of maturity bedding in,” McKintosh said. “It is only a matter of time before other areas such as Tilal Al Ghaf, Jumeirah Golf Estates, Al Barari, and Blue Waters also make the transition to prime status.”

Due to the soaring demand, the number of homes available for sale in Jumeirah Islands has declined by 28 percent over the past year, leaving only 279 homes on the market. This trend mirrors the 44 percent drop in prime home listings across Dubai, which now stands at around 4,900 properties. Faisal Durrani, partner and head of research for MENA at Knight Frank, noted that buyers are not only paying record prices but also investing heavily in refurbishments, indicating a buy-to-hold or buy-to-live mentality that has characterized the market in recent years.

“As we saw throughout the pandemic, the ‘race for space’ underpinned the performance of villa prices in Dubai, which jumped by 17 percent over the last 12 months,” Durrani explained. “The unending surge in demand from international buyers for either waterfront homes or those with access to parks and green spaces has also contributed to Jumeirah Islands’ rise to prime status.”

Shehzad Jamal, partner for strategy and consultancy for MEA at Knight Frank, emphasized the correlation between net worth and the aspiration to own a villa in Dubai. “The desire to purchase a villa increases with net worth, from 30 percent among those with $2-5 million to 48 percent for individuals with over $15 million. This figure climbs further to 59 percent among global high-net-worth individuals with a net worth of over $20 million.”

Jumeirah Islands’ blend of luxury, exclusivity, and prime location continues to attract elite buyers, cementing its place as one of Dubai’s most coveted residential areas.