For Dh190 million, a prime block of land was sold on the Palm Jumeirah. The land is 56,295 square feet in size, and 120,000 square feet will be used for building. A real estate developer said on Monday that the area would be turned into a posh residential neighborhood.

According to data issued by the Dubai Land Department, Palm Jumeirah has distinguished itself as the city’s real estate market’s crown jewel, accounting for 7.5% of all residential transactions this year. Additionally, the residential real estate market has seen a 16% increase in sale prices in the second half of 2023.

In the first half of this year, the island community sold 210 parcels of land for Dh 4.2 billion, an increase from 137 transactions in the previous year.

In addition, the Knight Frank Q1 2023 study states that Palm Jumeirah villa prices have increased by a staggering 126% since the epidemic, with a 14% increase in Q1 2023 alone.

On Frond N of the island community, a 59,500 square foot plot and other built-up areas sold for Dh600 million the previous year. Land on the Palm sold for Dh206.52 million was the next most expensive transaction.