Dubai’s luxury real estate market has once again set a new standard with the sale of a stunning penthouse in Downtown Dubai for a record-breaking Dh80 million. The property in question, a four-bedroom Sky Collection Penthouse at the Kempinski The Boulevard, boasts over 7,466 square feet of opulent living space, with breathtaking views of the Burj Khalifa.
The penthouse, located in one of the most exclusive addresses in Dubai, features five bathrooms, a powder room, and two fully equipped kitchens, all furnished by Fendi. This sale price averages around Dh10,715 per square foot, making it nearly four times the typical price for apartments in Downtown Dubai.
This remarkable sale eclipses the previous record set in 2022, when a five-bedroom apartment in the iconic Burj Khalifa was sold for Dh73 million. The penthouse has drawn attention not only for its luxury, but also for how it highlights the growing demand for ultra-luxury properties in Dubai, particularly in branded residences.
Branded residences in Downtown Dubai have sold at an average of Dh6,600 per square foot in 2024, showing a significant gap between luxury and ultra-luxury properties. Experts believe this trend is set to continue, with international investors viewing Dubai as a prime destination for high-value real estate investments. The sale of the Kempinski penthouse was facilitated by Knight Frank MENA, a leading real estate agency in the UAE.
Dubai’s property market has seen robust growth, with sales of homes priced above $10 million surging in early 2024. This high-end real estate trend is attributed to a mix of Dubai’s safe-haven status, favorable tax conditions, and the city’s appeal as a global hub for business and luxury living.
Credit: This article is based on information from Gulf News and Khaleej Times .
Key Highlights:
- A Downtown Dubai penthouse sold for Dh80 million, breaking previous records.
- Located at Kempinski The Boulevard, the 7,466 sq. ft. apartment offers Burj Khalifa views and luxury finishes.
- The sale price per square foot was Dh10,715, nearly four times the Downtown Dubai average.
- The sale outpaces the previous record set in 2022 for a Dh73 million Burj Khalifa apartment.
