The highest price per square foot for a property on the Palm Jumeirah was paid for a three-bedroom duplex unit in the Royal Atlantis. The transaction cost Dh44 million.
The transaction, at Dh12,387 per square foot, is the second-highest in Dubai, trailing only the Dh13,543 per square foot sale of an apartment in the Bulgari Resort and Residences.
The purchase of the property was made by an inexperienced Russian investor. The organization coordinating the sale, Penthouse.ae, issued a statement on Wednesday reiterating the agreement.
“This landmark deal further underscores the continued interest in branded residences, including iconic names like SLS Residences, Armani, Six Seasons, and the Royal Atlantis,” said Petri Mannila, Head of Luxury at Penthouse.ae. “High-net-worth individuals, entrepreneurs, institutional investors, and family property funds are driving demand for luxury properties north of AED 20M, resulting in a shortage of available units for both end-users and investors in the market.”
Mannila added: “With supply constrained and prices maintaining an upward trajectory, the current window of investment opportunity is exceedingly promising.”
“Dubai’s luxury property market has witnessed substantial double-digit growth in the first half of this year, with a positive outlook forecasted for the next 3-5 years” – Petri Mannila of Penthouse.ae
An infusion of HNWIs from around the world has contributed to a spectacular rise in demand for luxury real estate in Dubai. The market is currently approaching the midpoint of 2022’s first quarter milestones, showing that the momentum has continued into 2023.
The number of ultra-luxury residences priced at Dh15 million or more has quadrupled since the beginning of this year, and experts predict that this market will continue to expand.
“The Royal Atlantis has witnessed an extraordinary increase in prices, surpassing 150 percent since its launch,” said Olga Mannila, the agent behind the record-breaking deal. “Beyond its prestigious address, these units offer buyers good value for money besides an unmatched lifestyle with a host of exquisite features and amenities.”