Record-Breaking Sale: Dubai's Priciest Apartment Finds a Buyer Before Construction Even Begins
- Chloé
- Feb 5, 2024
- 2 min read
Dubai, the city of superlatives, has once again etched its name in the record books with the recent sale of a penthouse that hasn't even been built yet. This 2,500-square-meter penthouse has fetched a staggering $115 million, making it the most expensive apartment ever sold in Dubai.
Known for hosting the world's tallest building, the fastest roller coasters, and the largest fountain, Dubai is a city that consistently shatters records. This extends to real estate, with opulent properties like the Versailles-inspired palace valued at $204 million, currently holding the title of the most expensive house on the market in the UAE metropolis. Now, a new record has been set with the sale of this lavish penthouse.
The Jumeirah Group, a luxury hotel chain owned by the Emirati government, has confirmed the sale of a penthouse in its upcoming Jumeirah Marsa Al Arab hotel residence. Priced at $115 million, this unit now stands as the most expensive apartment ever sold in Dubai. Katerina Giannouka, CEO of the Jumeirah Group, stated in a press release, "Jumeirah is committed to expanding its portfolio of hotel residences to meet the growing demand for our unique concepts and exceptional services. Our Jumeirah Marsa Al Arab complex has everything to attract potential investors, and we are thrilled to offer these unique residential concepts that redefine living and luxury in Dubai."
Designed by architect Shaun Killa, the Jumeirah Marsa Al Arab is set to open its doors in the fourth quarter of 2023. Described as "inspired by the opulence of superyachts," the complex will feature 387 rooms and suites, 82 luxury residences, and an 82-berth marina for superyachts. The largest penthouse spans 2,500 square meters, including 1,200 square meters of outdoor space and a private pool. The private sale also includes three other high-end apartments and an additional 17 residences.
This sale marks the pinnacle of Dubai's ever-expanding luxury real estate market. According to Hotelier magazine, Dubai currently boasts the highest concentration of hotel residences, and the market is expected to grow by 72% by 2030.
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