A penthouse sold for Dhs420 million in Dubai, breaking all previous records
- 23 May 2023
Gulf Today, Staff Reporter
Dubai set a new record for selling a penthouse at Dhs420 million within the Marsa Al Arab project, surpassing the previous figure, which was Dhs410 million for the Bulgari lighthouse on Jumeirah Bay Island in February 2023.
On Tuesday, luxury real estate brokerage firm Luxabitat Sotheby's International announced the sale of the most expensive penthouse in Marsa Al Arab for Dhs420 million, or Dhs17,000 per square foot.
The name and nationality of the buyer were not disclosed.
“Dubai's thriving real estate scene, particularly in the luxury sector, provides an exceptional platform for remarkable achievements,” said Georges Azar, CEO of Luxabitat Sotheby's International.
“This sale is testament to Dubai's vibrant and progressive luxury real estate market.”
The Marsa Al Arab Penthouse is located in the Marsa Al Arab Hotel and occupies the highest floor, spread over an impressive area of 24,628 square feet and features a private pool and 360-degree ocean views of Dubai.
In addition, the residence benefits from its proximity to a newly constructed superyacht marina, enhancing an experience of unparalleled luxury.
Marsa Al Arab Hotel will feature 386 rooms and suites, 4 penthouses, as well as 83 luxury hotel apartment suites set within lush private gardens.
In February, the Bulgari lighthouse on Jumeirah Bay Island was sold for Dhs410 million ($112 million).
It is an off-plan deal within the Bulgari Lighthouse project under development in the "Island 2" area on an area of 3,620.45 square meters, according to data from the Dubai Land Department. The price per square meter was Dhs 113,245.59.
Created in partnership with Dubai-based developer Meraas, the new Bulgari Lighthouse tower spans 27 storeys and features 31 penthouses, topped by the magnificent three-story Sky Villa, an unmatched residence with nine bedrooms and a 13,000-square-foot terrace.
Meraas wrote on Twitter, “Architecture in harmony with nature.
“The design of the Bulgari Lighthouse façade takes inspiration from the natural and gentle movements of marine corals in the sea, creating living and breathing light patterns, which evolve and change from day until night. #Meraas #Bulgari.”
