140% Surge in Dubai’s Luxury Beachfront Villas; Supply Shortage Fuels the Market
The growth in terms of prices of the luxury beachfront properties in Dubai has been remarkable compared to the rest of the residential properties in Dubai. According to the latest reports available in the industry, it has been noted that the prices of luxury villas in the coastal areas have risen by more than 140%. In addition to this, it has also been noted that the scarcity of land has led to an increase in the prices of these luxury villas to even higher levels. According to the executives of the real estate industry, it has been noted that the prices of these luxury beachfront properties in certain areas of Dubai are sold for a price that is 60% higher than the price of similar kinds of luxury properties that are not located on the beachfront. In such a market, the purchase of waterfront land in Dubai for investment purposes has gained much attention due to the perception of the rarity of the asset. Palm Jumeirah: The driving force behind Dubai’s luxury beachfront market growth Among the different areas, Palm Jumeirah has shown outstanding results during the past five years. As Farooq Syed, CEO of Springfield Properties, stated, “In Palm
