United Arab Emirates News

Dubai Real Estate Sets New Record with Dh500 Million Penthouse Sale on Palm Jumeirah

Dubai’s ultra-luxury property market continues to soar as a penthouse on Palm Jumeirah recently sold for a staggering Dh500 million, setting a new record in the emirate. Spanning an expansive 21,949 square feet, the Como Residences penthouse boasts five bedrooms, a state-of-the-art home automation system, and exclusive access via a private elevator. The highlight of this opulent residence is the breathtaking panoramic view of the Dubai skyline visible through its floor-to-ceiling windows.

Previously, the record for the most expensive penthouse, valued at Dh420 million, was held by the Marsa Al Arab, sold by Luxhabitat Sotheby’s International. However, this new Dh500 million benchmark might soon be surpassed by the Dh750 million Sky Mansion Penthouse at Bugatti Residences by Binghatti, indicating the sustained demand for ultra-luxury properties in Dubai.

The local property market has experienced heightened interest from millionaires and billionaires from Europe, East Asia, and Gulf countries, contributing to a robust market for ultra-luxury properties. Dubai’s ultra-luxury property segment has seen remarkable demand, with purchases exceeding Dh100 million becoming increasingly common post-pandemic, fueled by an influx of ultra-high-net-worth individuals.

According to Knight Frank, a global real estate consultancy, Dubai’s $10 million-plus homes market remains robust, with 88 sales recorded in Q1 2023 alone. In 2022, Dubai ranked as the fourth busiest luxury homes market globally, with 219 deals recorded above the $10 million price point. The Como Residences penthouse now stands as the third most expensive penthouse ever built and sold globally, further solidifying Dubai’s position as a premier destination for luxury real estate. The completion of the Dh500 million penthouse is expected in the third quarter of 2027.

The deal was successfully closed by Sam Horani, associate partner of Provident Estate, who emphasized that the Como Residences Penthouse represents not just a residence but a symbol of ultimate luxury and exclusivity, marking a historic moment in Dubai’s real estate landscape.

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