Penthouse in Jumeirah Marsa Al Arab sold for record price of US$114 million.

  • May 25, 2023
Penthouse in Jumeirah Marsa Al Arab sold for record price of US$114 million.

The record for Dubai's most expensive apartment has been broken by one of the four penthouses constructed at Jumeirah Marsa Al Arab. The newest high-end residential sale in the city, which went for AED420 million (US$114 million), is a significant success for Jumeirah Group, which is now under the direction of a new CEO.

The 24,628 square foot residence has two private elevators, a separate lobby, and a private pool.

The transaction was orchestrated by Luxhabitat Sotheby's International Realty, which now owns the record for the most expensive flat ever sold in Dubai. The residence, which measures a huge 24,628 square feet, includes 17,000 square feet of outdoor space with 360-degree views of the ocean and the landmark Burj Al Arab.

The superyacht marina's near vicinity will be advantageous to the locals as well.

surge in ultra-luxury

Any other ultra-luxury penthouse is dwarfed by the sale. A penthouse at Dubai's Bulgari Resort and Residences just sold for AED122 million ($33 million).

Another condominium with a hotel name sold for tens of millions of dollars elsewhere on the market. The house with the record-breaking price-to-size ratio has already been sold by Baccarat. Bloomberg reported that the transaction included a $55.3 million (AED 203.1 million) five-bedroom home in a complex that has not yet started building.

The Royal, the biggest penthouse in Atlantis, sold for AED163 million ($44 million) in August 2022. The five-bedroom, three-story penthouse with its own sky garden, two private pools, and 360-degree views of the city is owned by an unidentified buyer.

Facilities at Jumeirah Marsa Al Arab

The 387 rooms and suites, four penthouses, and 82 luxury hotel apartment suites at Jumeirah Marsa Al Arab will be surrounded by private gardens.

Additionally, there will be 10 eateries and health spaces. This will serve as Jumeirah's "statement property" and usher in "a new epoch" for the company. According to Jumeirah, the restaurants will be socially driven and will feature a variety of foreign chefs.

Along with 82 berths for superyachts, Jumeirah Marsa Al Arab will also have renowned dining and entertainment options.

"We are immensely proud of this record-breaking achievement, as it reflects our unwavering commitment to excellence and our standing as a pioneer in the luxury real estate market," said George Azar, CEO of Sotheby's International Realty in the United Arab Emirates. This transaction not only demonstrates how desirable Dubai real estate is, but it also solidifies our clients' faith in us. We are thrilled to be at the forefront of this dynamic market, embracing our customers' changing demands and goals.

"Dubai's flourishing real estate market, especially in the luxury market, offers an unparalleled foundation for spectacular achievements. This sale serves as evidence of Dubai's thriving and forward-thinking luxury real estate market, and Sotheby's International Realty in the UAE is proud to have had a significant impact on its development. The company is committed to going above and beyond expectations and establishing new standards in the sector.