Dubai’s luxury housing market on ‘unstoppable’ growth, sets yet another record.
04 June 2023, 12:00 AM
30 June 2023, 12:00 AM
The demand for prime property continued to pick up in Dubai amid a broader economic recovery.
Earlier this week, the most expensive penthouse in Palm Jumeirah was for Dh220 million. In February, a penthouse was sold for Dh410 million in Bvlgari Lighthouse, Jumeirah Bay Island. This record was broken in May when a penthouse in Marsa Al Arab in Jumeirah was sold for Dh420 million, becoming the costliest penthouse to be sold in Dubai ever.
While a villa on Frond N on Palm Jumeirah holds the title for the most expensive property, reportedly bought for Dh600 million by Indian billionaire and Reliance Group chairman Mukesh Ambani.
Meanwhile, all these records are set to be broken as the newly-launched Bugatti Residences by Binghatti’s Sky Mansion Penthouse goes on sale for a record price.
Inspired by French Riveria, 182 units’ prices start from Dh19.09 million and go as high as Dh750 million for the 44,214 sqft penthouse, making it the most expensive property to go on sale in Dubai.
According to an analysis by Luxhabitat Sotheby’s International Realty and data from the Dubai Land Department, Dubai’s super-prime residential market witnessed transactions worth Dh14.7 billion in the first quarter of 2023. The average price per square foot of a super prime property increased by 21.07 per cent to Dh3,373 per sqft. The average price of a prime property is Dh25.2 million, a 27.49 per cent increase from the previous quarter.
“Considering the thriving real estate sector, Dubai's advantageous position coupled with favourable market circumstances, it comes as no surprise that our remarkable penthouse, an exceptional architectural masterpiece showcasing unparalleled craftsmanship, exquisite finishes, and an impeccable fusion of luxury and practicality, is appropriately valued at Dh750 million,” said Muhammad Binghatti, CEO of Binghatti Holding.