millions do rich pay for villas on Dubai’s Palm Jumeirah

Palm Jumeirah has notched the biggest villa deals in Dubai for the second consecutive quarter in 2014, with investors spending nearly Dh219 million on the six deals, data shared exclusively by Reidin.com with Emirates 24|7 reveals.
The costliest of the top 10 deals was completed for a Palm villa, which sold for Dh58.8 million, or Dh7,684 per square feet.
Two transactions in Emirates Hills took the second and third place with buyers paying Dh35.5 million and Dh35.3m, respectively.
The fourth place was shared by deals in Emirates Hills and Palm Jumeirah, respectively, each priced at Dh34.5m.
In the first quarter 2014, Palm Jumeirah had registered nine of the top 10 biggest villa deals, with average prices ranging between Dh3,000 and Dh4,900 per square foot.
The biggest deal was on the Palm for Dh45m.
According to market sources, most of these “big” deals are done in cash with the nationalities mostly from Russia, Iran and India.