Palm Jumeirah

Okay, let's have a look right now at Dubai's luxury property map because it is changing a little.

Business Bay actually overtook Palm Jumeirah for prime property transactions last month.

Is that just a one-off month or are we seeing Dubai's luxury market starting to move beyond the traditional prime locations? You might be asking that question because the luxury map is definitely getting wider.

Business Bay recorded 14 prime transactions in August and that is compared with 10 on Palm Jumeirah and 8 in downtown.

Yeah, and a lot of that was actually driven by developments such as Bugatti Residences, Burj Bengati, Jacob & Co, and Vela Viento by Omniat.

They were all in Business Bay.

They had the vision, but it was still very early stage.

Put it into perspective, the Palm Island, Palm Jumeirah was just being actually dredged and created back in those days.

So the level of infrastructure and the level of development wasn't there.

But it was a fantastic experience, fantastic environment.

This was Jumeirah golf States.

and Palm Jumeirah offices open as the business expands its community presence.

The biggest one, Lewis gets married.

2017.

We've seen reports that the hedge fund Millennium Management is exploring a relocation of its Dubai-based staff to Jersey after drone debris reportedly damaged the building housing their offices.

which leaves us wondering if Andrew Tate will soon be the only person left on the Palm Jumeirah.

While wealthy expats might flee to tax-neutral islands in the English Channel, the rest of the world is entering a period of energy rationing.

Governments almost entirely dependent on Middle Eastern energy are racing to save what little they have left.

They're very popular and genuinely sort of unique properties.

That's one reason we've seen such extraordinary demand in areas and locations like Emirates Hills, Palm Jumeirah, Jumeirah Bay Island and increasingly around Dubai Hills.

I mean, it's been reported that DIFC, which is the financial centre, they had 1,408 family business related entities by June of this year.

So it's obvious that these wealthy families are building these structures to manage and preserve their wealth here.

I'd seen the city being built.

I'd seen Burj Khalifa being built, Palm Jumeirah, Dubai Marina.

All that happened in front of you whilst you were in university.

Yes.

I think the Airbnb model is you have to first understand it.

Why will someone want to take your property in Airbnb? the location has to be super central.

That means downtown, Palm Jumeirah, Dubai Marina, like top three locations.

So if you don't have a property in these three areas or close to these three areas, then probably Airbnb is not the best option for you.

So I imagine you get this a lot.

What's the difference between Palm Jebel Ali and Palm Jumeirah?

There's a big difference.

Yeah?

just like volume landmass

and number of like apartments and villas and stuff though there's gonna be more

hell yeah but like it's it's a completely different setup so usually what we're telling people because right now we're selling the villas so a lot's going to come on to palm jabalali there'll be a big story to this but If you go to Palm Jumeirah today and you want to get on the Crescent, you have to drive through this basically highway in between the villas.

That's not going to be there on Palm Jebel Ali.

Renewals are down by 4%.

Palm Jumeirah, we've seen new contracts up by 25%.

Renewals down by 8%.

And Springs, we're also seeing new contracts up by 7% and renewals down by 15%.