Staff Writer: Khaleej Times
September 08, 2023
Led by the Palm Jumeirah, unprecedented demand for luxury property continues to set records in Dubai as a new 3-bedroom flat 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 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 percent since its launch.