The highest price per square foot for a property on the Palm Jumeirah was paid for a three-bedroom duplex unit in the Royal Atlantis. The transaction cost Dh44 million.

The transaction, at Dh12,387 per square foot, is the second-highest in Dubai, trailing only the Dh13,543 per square foot sale of an apartment in the Bulgari Resort and Residences.

The purchase of the property was made by an inexperienced Russian investor. The organization coordinating the sale, Penthouse.ae, issued a statement on Wednesday reiterating the agreement.

An infusion of HNWIs from around the world has contributed to a spectacular rise in demand for luxury real estate in Dubai. The market is currently approaching the midpoint of 2022’s first quarter milestones, showing that the momentum has continued into 2023.