The emirate’s real estate market has been rising throughout the year, and recently, a Jumeirah penthouse has been listed for Dh120 million, making it one of the most expensive listings ever.
With four bedrooms, a majlis area, a private elevator, and double-height ceilings, the ready-to-move-in penthouse is listed on Penthouse.ae, a luxury division of Metropolitan Premium Properties. A view, one of the most desired assets on the local real estate market, is included in the expensive price tag.
The penthouse at Address Jumeirah Beach Residence (JBR), located on floors 73–75 of the Jumeirah Gate Tower, offers 360-degree views of the Dubai cityscape, Bluewaters, Ain Dubai, Palm Jumeirah, and the Burj Al Arab.
Petri Mannila, Sales Director of Penthouse.ae, said: “We are seeing a huge influx of ultra-high net worth investors and buyers from Europe and the CIS in the last 6-12 months who are looking for ready-to-move-in homes and driving up demand for these uber-luxury units. We are currently listing 10 penthouses ranging from Dh100M up to Dh400M in Dubai some of them ready-to-move-in and a few are to be handed over in the next year or two. The Jumeirah Gate Tower penthouse is located on the very last land plot on Jumeriah Beach Walk making it an even more strategic investment opportunity.”
The Henley Global Citizens Report predicts that the UAE will see the largest net inflow of millionaires in 2022. Dubai and Abu Dhabi, two of the richest cities in the Middle East, continue to develop at rates of 18 and 16%, respectively.
According to the research, as of June, Dubai was home to 67,900 millionaires, including 202 cent-millionaires (those with net worths of over $100 million) and 13 billionaires. Given its rapid expansion, Dubai, which currently holds the 23rd position on the global ranking, is predicted to reach the top 20 by 2030.
Listings like this one are not surprising given the rise in wealthy people preferring to live in Dubai. When you add luxury and convenience, the price suddenly doesn’t seem out of place. For instance, this residence offers access to five-star amenities and services as well as 100 meters of immediate beach access.
The iconic 77-floor project includes the Hotel, the Serviced Apartment Tower, Address Residences Jumeirah Resort + Spa, Dubai, and the Residential Tower, “The Residences Jumeirah Dubai, Managed by Address,” which are distinguished by their two 310-meter skyscrapers and the tallest infinity pool in the world.
These listings and pricing are reasonable given the trajectory of the increase seen this year in the flourishing real estate market. According to data supplied by the Dubai Land Department, 2,882 real estate transactions of more than Dh9.2 billion were completed in Dubai for the one week that ended December 16. (DLD). The top three transfers for apartments and villas were for apartments in Palm Jumeirah that cost Dh80 million, Dh61 million, and Dh59 million.
