The upward trend in Dubai’s ultra-luxury residential property prices continues as demand remains unabated with a new penthouse on Palm Jumeirah selling for a record Dh500 million.
Spread over 21,949 square feet, the five-bedroom Como Residences penthouse is equipped with a home automation system and exclusive access via a private elevator.
The most striking feature of the penthouse is its awe-inspiring view of the Dubai skyline through floor-to-ceiling windows.
The previous record for the most expensive penthouse with a value of Dh420 million was held by Marsa Al Arab sold by Luxhabitat Sotheby’s International.
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This Dh500 million record could also be shattered as and when the Dh750-million Sky Mansion Penthouse at Bugatti Residences by Binghatti is snapped by the buyer. The local property market has witnessed strong demand for ultra-luxury properties from millionaires and billionaires from Europe, East Asia and Gulf countries.
Dubai’s ultra-luxury property market has been witnessing unprecedented demand with Dh100-million-plus ticket purchases increasingly becoming a norm in the post-pandemic period, thanks to a strong inflow of ultra-high-net-worth individuals to the emirate.
According to global real estate consultancy Knight Frank, the $10 million-plus homes market in Dubai continues to strengthen, with 88 sales being registered in Q1 2023 alone. 2022 saw Dubai recording 219 deals above the $10 million price point, positioning the city as the fourth busiest luxury homes market in the world. 2023 is shaping up to be another record year for this segment of the market.
Como Residences penthouse is ranked 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), holds the second position, while the Odeon Tower Penthouse in Monaco, priced at $440 million (Dh1.61 billion), claims the top spot.
The deal was closed by Sam Horani, associate partner of Provident Estate.
“The Como Residences Penthouse is not just a residence, but a statement of ultimate luxury and exclusivity. Its sale marks a historic moment in the Dubai real estate landscape, solidifying its place as an enduring symbol of opulence for generations to come,” said Sam Horani, associate partner of Provident Estate.
The Dh500-million penthouse is anticipated to be completed in the third quarter of 2027.