Palm Jumeirah Developer's Next Waterfront Projects

The strong demand for the city’s most desirable districts, combined with restricted supply, has helped to drive record price growth.

During the first six months of 2022, Knight Frank recorded 82 ultra-prime deals — homes priced at more than $10m. This compares with 93 ultra-prime deals in 2021.

The emirate this year also set a record for the most expensive home in the city at Dh280 million. The record is expected to be broken again before the end of 2022, brokers told The National.

Steps to improve the ease of doing business in Dubai — allowing it to attract foreign investors and wealthy people — and the success of the emirate's golden visa programme also bode well for big developments such as Dubai Islands.

Dubai's economy, which made a strong rebound from the coronavirus-induced slowdown last year, has carried the growth momentum into this year, supported by the resurgent real estate and tourism sectors.

Nakheel, which has an extensive residential and commercial properties portfolio, said the Dubai Island project was designed to enhance the well-being and lifestyle of residents and visitors.

The development, comprising five islands spread over an area of 17 square kilometres, reinforces the emirate’s position as a “global destination of choice for residents, visitors and investors”.

Each island will have its own unique offerings, with cultural centres, recreational beaches and beach clubs.

The islands will be home to more than 80 resorts and hotels, including luxury and wellness resorts, and will support Dubai’s ambition to boost its tourism and hospitality sector by increasing the number of hotel rooms.

The project has more than 20km of beaches, about two square km of parks, as well as open spaces and premium golf courses overlooking the Arabian Gulf.

Located along Dubai’s northern coastline, Dubai Islands are a short distance from the Dubai International Airport, Dubai Creek, Jumeirah and Downtown Dubai.