Sales of real estate properties in Palm Jumeirah have surged by 41% in the first half of this year, as compared to the same period in 2022, with a total value of AED 13.5 bn from 1,463 deals, Invest-Gate reports.

This growth is attributed to the area’s increasing popularity, as it is considered one of Dubai’s most luxurious residential destinations.

During the first half of this year, Palm Jumeirah accounted for 7.5% of Dubai’s total real estate sales, ranking first among all areas in sales value, according to data from the Dubai Land Department.

The data further revealed that Palm Jumeirah recorded 210 land sales deals worth AED 4.2 bn in the first six months of this year, compared to 137 deals worth AED 3.4 bn during the same period last year.

Sales of residential apartments also witnessed a surge from AED 5.4 bn for 753 deals in H1 2022 to AED 8.6 bn for 1,053 deals in H1 2023. Of these, 687 deals were for ready-to-move-in apartments worth AED 3.7 bn, while 366 deals were for off-plan projects worth AED 4.8 bn.

The “Six Senses Residences” project recorded the highest sales of apartments, with 29 deals worth over AED 1 bn, followed by “Orla” with 26 deals worth AED 977 bn, and “Balqis Beach Towers 3” with 134 deals worth AED 612.9 mn.

Palm Jumeirah also witnessed 144 deals for hotel apartments worth AED 298.5 mn, 48 for hotel rooms worth AED 78.4 mn, and five for commercial shops worth AED 20.1 mn. In addition, three villas were sold for a total value of AED 284.3 mn, including a villa sold for AED 183 mn.