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LOOK: Penthouse in Dubai sold for 500 million dirhams – News

Published: Sunday, November 19, 2023, 1:37 p.m.

Last update: Sunday, November 19, 2023, 11:02 p.m.

The upward trend in ultra-luxury residential property prices in Dubai continues as demand continues unabated: a new penthouse on Palm Jumeirah is selling for a record price of Dh500 million.

Spread over 21,949 square feet, Como Residences’ five-bedroom penthouse is equipped with a home automation system and exclusive access via a private elevator.

The penthouse’s most striking feature is its stunning view of the Dubai skyline through floor-to-ceiling windows.

The previous record for the most expensive penthouse, valued at Dh420 million, was held by Marsa Al Arab, sold by Luxhabitat Sotheby’s International.

This Dh500 million record could also be broken when the buyer snaps up the Dh750 million Sky Mansion Penthouse at Binghatti’s Bugatti Residences. The local real estate market has witnessed strong demand for ultra-luxury properties from millionaires and billionaires from Europe, East Asia and the Gulf countries.

Dubai’s ultra-luxury property market has seen unprecedented demand, with purchasing tickets worth more than Dh100 million increasingly becoming a norm in the post-pandemic period, thanks to a strong influx of people with an ultra-high net worth to the emirate.

According to global property consultancy Knight Frank, the market for $10 million+ homes in Dubai continues to go from strength to strength, with 88 sales recorded in the first quarter of 2023 alone. In 2022, Dubai recorded 219 deals above the $10 million price tag. dollars, positioning the city as the fourth most active luxury housing market in the world. 2023 is shaping up to be another record year for this market segment.

The Como Residences penthouse is ranked as the third most expensive penthouse ever built and sold in the world. Penthouse D at One Hyde Park, London, priced at $237 million (Dh870 million), takes second position, while the Odeon Tower Penthouse in Monaco, priced at $440 million (Dh1.61 billion). of dirhams), takes first place.

The deal was closed by Sam Horani, an associate partner at Provident Estate.

“The Como Residences Penthouse is not just a residence, but a statement of maximum luxury and exclusivity. Its sale marks a historic moment in Dubai’s real estate landscape, cementing its place as an enduring symbol of opulence for generations to come,” said Sam Horani, Associate Partner at Provident Estate.

The Dh500 million penthouse is expected to be completed in the third quarter of 2027.

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