Demand for Palm Jumeirah plots 'is healthy'

13/08/2012 - Dubai Property News Posted by Bob Brunskill
Demand for Palm Jumeirah plots 'is healthy'
Dubai boasts some of the world's most unique and upmarket real estate and few places demonstrate this better than the exclusive Palm Jumeirah. The artificial archipelago has become one of the most iconic places on the planet and the demand for plots on the small islands remains strong. According to bosses at Dubai-based developer Nakheel, Palm Jumeirah is still a prime location for wealthy people who are looking for new assets. "There are clear signs of renewed investor confidence in Dubai real estate and in particular for unique products such as those offered on Palm Jumeirah. We have seen a very healthy demand in the first half of 2012, and this looks set to continue for the year," a spokesperson from the firm commented. Buildings and pieces of land in this part of the emirate certainly don't come cheap and the company revealed that it has just sold one plot for AED 400 million (£69.4 million). Those who do have some serious money to invest should not worry about any depreciation on the Palm, as Nakheel revealed that prices in some parts of the man-made island region have increased by as much as 30 per cent in the last 12 months. Speaking to Emirates 24/7, chairman of the organisation Ali Rashid Lootah said: "Prices have gone up and investor confidence is back. Things are definitely moving in the right direction." Property markets in many parts of the world have been struggling badly since the global economic downturn in 2008-09, but leaders at Citigroup last week said that Dubai is still viewed as a safe haven in the real estate sector. The group stated that the towering Burj Khalifa building has proven to be particularly popular - especially among investors from India who are looking for long-term gains. According to the Royal Institution of Chartered Surveyors, the number of people making enquiries about property investments in the UAE was up in the second quarter of 2012.