Penthouse.ae sets AED44 million record with Palm Jumeirah unit sale
Russian investor buys iconic three-bedroom duplex apartment
Penthouse.ae, the Dubai-based real estate agency serving Ultra High Net Worth Individuals (UHNWIs), has set a sales record for the highest price per square foot for a residential unit on the tree-shaped Palm Jumeirah island in Dubai City.
A first-time Russian investor acquired the spectacular three-bedroom duplex apartment in Atlantis The Royal for AED44 million ($11.95 million).
The apartment offers exceptional views of Palm Jumeirah, a private swimming pool, and several lavish features and amenities.
Atlantis The Royal is the most ultra-luxury experiential resort in the world.
AED12,387 per sq. ft.
The deal, brokered by Olga Mannila, Sales Manager of Penthouse.ae, is worth AED12,387 ($3,366) per square foot and is rated as the second highest in Dubai emirate after an apartment in the Bulgari Resort and Residences sold for AED13,543 per sq ft.
Petri Mannila, Head of Luxury at Penthouse.ae, said: “Global investors continue to exhibit a keen interest in Dubai’s exclusive real estate offerings.
Penthouse.ae is the luxury division of Metropolitan Premium Properties, the flagship property company of the Dubai-based Metropolitan Group.
“This landmark deal further underscores the continued interest in branded residences, including iconic names like SLS Residences, Armani, Six Seasons, and Atlantis The Royal.
“HNWs, entrepreneurs, institutional investors and family property funds are driving demand for luxury properties north of AED20 million, resulting in a shortage of available units for both end-users and investors in the market,” Mannila added.
‘150% price rise’
Olga Mannila, who sold the duplex apartment, said: “The Royal Atlantis has witnessed an extraordinary price increase, surpassing 150% since its launch.
“Beyond its prestigious address, the units offer buyers good value for money besides an unmatched lifestyle with exquisite features and amenities such as celebrity chef restaurants, a private resort beachfront, an infinity sky pool, and captivating dancing fire and water fountains.”
Following the pandemic, Dubai City is experiencing a surge in demand for luxury real estate, fuelled by an influx of HNWIs worldwide.
400% growth
The Dubai luxury property market experienced 400% growth in 2022 compared to 2021, a pandemic-hit year.
The growth has continued into the first three quarters of 2023, with the real estate market nearing the halfway mark of 2022’s accomplishments within the first quarter.
Since the start of this year, the number of super-luxury properties in Dubai City valued at AED15 million and above has quadrupled, and this segment is expected to continue to grow.
Penthouse.ae has closed 70 residential property deals between January and July 2023, with many of the properties being sold in some of the most in-demand and uber-luxury areas in Dubai City.
Penthouse.ae typically caters to properties valued at AED15 million and above in Dubai City.
The agency offers bespoke solutions, including opening bank accounts to assist with UAE residence visas, legal services, company formation, and property management.
