Palm Jumeirah still attracting high demand and prices

Last month real estate broker PowerHouse Properties warned prices on the man-made island were falling fast, with some real estate going for 50 per cent less than peak prices.

But Poznyakizhilstroy Corporation, which is building the Kempinski Palm Residence and Hotel, said interest had been high and apartment property had so far fetched an average price of $2.3 million a unit.

Poznyakizhilstroy, Ukraine’s leading real estate development and investment company, revealed some of the details of the scheme at last week’s MIPIM 2009 property show in Cannes, France.

The firm said: “The Residences have been one of the most successful projects in the UAE, with the some of the highest prices achieved for property on Palm Jumeirah.

“The 202 properties sold to date included 190 apartments sold at an average price of $2.3 million, with penthouse apartments selling for an average of $6 million and the grand villas reaching an average of $10 million.”