Project includes the establishment of a reinforcement steel cut and bend facility
business4 days ago
Led by the Palm Jumeirah, unprecedented demand for luxury property continues to set records in Dubai as a new three-bedroom duplex apartment has been sold for Dh12,387 per square foot on the Palm Jumeirah, becoming the most expensive property to be sold per square foot on the man-made island and the second most expensive in the emirate.
The previous record was held by a three-bedroom apartment at Bulgari Resorts and Residences, which was sold for Dh13,543 per square foot in February 2023 and with a total price tag of Dh42.9 million.
The three-bedroom duplex apartment at the Royal Atlantis was sold for Dh44 million by Olga Mannila, sales manager at Penthouse.ae, a luxury division of Metropolitan. Equipped with a private swimming pool and an array of lavish features and amenities, the duplex apartment was acquired by a first-time Russian investor.
Petri Mannila, head of luxury at Penthouse.ae, said global investors continue to exhibit a keen interest in Dubai’s exclusive real estate offerings.
“This landmark deal further underscores the continued interest in branded residences, including iconic names like SLS Residences, Armani, Six Senses and the Royal Atlantis. High-net-worth individuals, entrepreneurs, institutional investors, and family property funds are driving demand for luxury properties north of Dh20 million, resulting in a shortage of available units for both end-users and investors in the market,” he said.
Mannila added: “With supply constrained and prices maintaining an upward trajectory, the current window of investment opportunity is exceedingly promising. Dubai’s luxury property market has witnessed substantial double-digit growth in the first half of this year, with a positive outlook forecasted for the next 3-5 years.”
Mannila, the agent behind the record-breaking deal, said The Royal Atlantis has witnessed an extraordinary increase in prices, surpassing 150 per cent since its launch.
ALSO READ:
Project includes the establishment of a reinforcement steel cut and bend facility
business4 days ago
NPS Vatsalya can be initiated while the child is under the age of 18
business4 days ago
Commerzbank CEO: UniCredit "might want more"
business4 days ago
The public takeover offer will be subject to a minimum acceptance threshold of 50% plus one share of Covestro's capital
business5 days ago
The UAE has 87 projects and 22,831 rooms in the construction pipeline
business5 days ago
Scaling up was in Europe's best interest and it should be private sector players deciding whether to go ahead with deals, says European Central Bank President
business5 days ago
Epic will also raise its competition concerns with regulators in the European Union
business6 days ago
India-owned Tata Steel had been losing £1 million a day
business6 days ago