This three-bedroom duplex apartment in Dubai sold for highest price per square foot

Gulf Today, Staff Reporter

The Metropolitan Premium Properties agency announced that it recorded one of the highest prices per square foot for sale in Dubai after selling a real estate unit at a value of Dhs12,387 per square foot, for a three-bedroom duplex apartment in the Royal Atlantis Resort.

The three-bedroom duplex apartment was sold for Dhs44 million.

This is considered one of the most expensive deals in terms of square foot value.

Recently, an apartment was sold in the luxurious Jumeirah Marsa Al Arab project, adjacent to the Burj Al Arab Hotel, for a price of Dhs17,000 per square foot, and before that an apartment in the Bulgari Resort and Residences for Dhs13,543 per square foot.

The luxurious apartment in Royal Atlantis, which enjoys stunning views of Palm Jumeirah, contains a private swimming pool, and a host of other features and luxurious amenities, was bought by a Russian investor who is investing in the UAE real estate market for the first time.

Petri Mannila, Head of the Luxury Real Estate Department at Penthouse.ae, a subsidiary of Metropolitan Premium Properties, said: We continue to record a continuous and significant interest from international investors in exclusive real estate offers in Dubai.

This historic deal reflects the continued interest in residential units bearing prestigious brands, such as some of the most important names in the world of real estate projects, such as SLS Residences, Armani, Six Seasons, and Royal Atlantis.

High-net-worth individuals, businessmen, institutional investors and family real estate funds play an important role in increasing demand for luxury properties worth more than Dhs 20 million, leading to a shortage of units available for both end users and investors in the market. With limited supply and continued high prices, current investment opportunities are very promising. The luxury real estate market in Dubai witnessed significant growth during the first half of this year, with positive expectations for the next three to five years.”
Influx of wealthy people

The demand for luxury real estate in Dubai has witnessed a significant increase, due to the influx of more wealthy people from all over the world to the emirate.

According to specialized reports on the market, the luxury real estate market in Dubai witnessed a tremendous growth of 400% in 2022 compared to the previous year.

This momentum continued in 2023, with the market close to achieving about half of 2022’s achievements during only the first quarter of the year.

In addition, the number of ultra-luxury properties valued at more than 15 million dirhams and above has quadrupled since the beginning of this year, and this sector will continue to grow in the foreseeable future.

The Penthouse.ae division participated in completing 70 deals from the beginning of this year until July, where it succeeded in selling many properties in some of the most sought-after and prestigious areas in Dubai.

For her part, Olga Mannila, the real estate agent who worked on completing this record deal, said: “The Royal Atlantis Resort has witnessed an unprecedented rise in residential unit prices, exceeding 150% since its launch.

In addition to their prestigious location, these units provide buyers with good value for the money they invest, in addition to the high-level lifestyle they provide with wonderful features and amenities, such as restaurants by some of the most famous chefs in the world, a private beachfront resort, an infinity pool, and fountains. Dancing water and fire.”