Palm jumeirah prices set to climb again in next year

Prices of villas in Palm Jumeirah are expected to climb again in the next year.

Dubai's market has been undergoing a lengthy period of correction in 2015, with prices declining up to 16.4 per cent, according to data from REIDIN and Luxhabitat. Palm villa prices have dipped in parallel with the wider market, with sales prices dipping from AED 2,992 per square foot last year to AED 2,499 per square foot this year. However, this remains above the AED 2,317 per square recorded in 2013.

"There are, of course, sellers waiting for the prices to drop, but what we are looking at really is a plateau in prices," says Anne Ogilvie, Palm Luxury Sales Specialist at Luxhabitat.

With renewed interest from buyers, despite a rise in transaction fees, prices are now forecast to improve once more in the coming 18 months.

Zawya