By Lucy Barnard

Residential land prices in some of the most exclusive parts of the Palm Jumeirah have shot up by 30 per cent over the past year as Dubai’s property market continues to recover.

Nakheel, the developer behind the man-made island built in the shape of a palm tree, said yesterday it had sold a 305,704 square foot prime plot of land for Dh400 million (US$108.9m) to an anonymous local investor for a total purchase price of Dh1,302 per square foot.

Dubai’s biggest state-owned developer said plot prices on the exclusive “Frond N” had increased by nearly a third over the past year.

The company also said it had sold more than 80 out of 105 plots on the project, with a total sales value of Dh657m.

The news comes as property brokers across the UAE have been reporting a recovery in the Dubai land and housing market. More info