Penthouse.ae, powered by Metropolitan, a Dubai-based full-service real estate agency specializing in serving the needs of Ultra High Net Worth Individuals (UHNWIs), has set a record for the highest price per square foot for a property on the iconic Palm Jumeirah.
The deal, at AED 12,387 per square foot, is the second highest in Dubai after an apartment in the Bulgari Resort and Residences that was sold for AED 13,543 per sq ft., further solidifying Penthouse.ae’s position as a leader in the high-end real estate market.
The magnificent three-bedroom duplex apartment in the Royal Atlantis was sold for AED 44 million by Olga Mannila, Sales Manager. The property, which offers breathtaking views of Palm Jumeirah, a private swimming pool and an array of lavish features and amenities, 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 AED 20M, resulting in a shortage of available units for both end-users and investors in the market.
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.
The surge in demand for luxury real estate in Dubai has been remarkable, fueled by an influx of HNWIs from around the world. According to published market reports, the Dubai luxury property market experienced an astounding 400% growth in 2022 compared to the previous year. The momentum has persisted into 2023, with the 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 valued at AED 15M and above has quadrupled and this segment will continue to grow. Penthouse.ae has accounted for 70 deals since January of this year until July with many of the properties sold in some of the most in-demand and uber-luxury areas in Dubai.
Olga Mannila, the agent behind the record-breaking deal, said:
The Royal Atlantis has witnessed an extraordinary increase in prices, surpassing 150% since its launch. Beyond its prestigious address, these units offer buyers good value for money besides an unmatched lifestyle with a host of exquisite features and amenities such as celebrity chef restaurants, a private resort beachfront, an infinity sky pool, and captivating dancing fire and water fountains.