The remarkable selling of a three-level penthouse property in the “Bulgari Lighthouse” on Jumeira Bay Island for Dh 410 million in 2023 is a record-breaking transaction that signals that the demand for luxury homes in Dubai is still strong. This nine-bedroom unit with a size of around 39,000 square feet was filed on February 1, and is just one of many top-tier deals in the same area that have contributed to more than Dh2 billion in sales between January 12 and February 1. Other noteworthy sales include a home sold for Dh112 million and Dh67 million on the same day, as well as Dh163 million, Dh600 million and slightly more than Dh302 million in the last year. These deals demonstrate that the desire for super-luxury real estate in Dubai is alive and well and is not subject to seasonal trends.
A consultant noted that “there’s still a lot of space that’s in play” and that “deals are happening – and they are the big ticket ones.”
The potential sale of a Dh410 million penthouse is likely to make headlines, as it would be a new record for Dubai’s highest-priced penthouse. Reports indicate that several penthouses with prices higher than Dh200 million have already sparked the interest of multiple buyers. Sources in the industry say that more such sales are expected to take place before the summer.
The stability of the UAE market has been an important factor for international investors, with analyst claiming that this theme of stability will remain for Dubai in 2023. Despite the current situation, luxury home deals are still being finalized in Dubai, with new investors coming in. This shows that, in spite of the challenges of the past two years, the global visibility of Dubai and UAE is still strong.
