A Jumeirah penthouse just advertised for Dh120 million, making it one of the most expensive listings ever. The emirate’s real estate market has been expanding all year.
The four-bedroom, ready-to-move-in penthouse is advertised on Penthouse.ae, a premium division of Metropolitan Premium Properties, and features double-height ceilings, a majlis area, a private elevator, and four bedrooms. The steep price includes a view, one of the most sought-after features on the local real estate market.
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 now selling 10 penthouses in Dubai, some of which are available for occupancy and others of which will be delivered in the upcoming year or two. The prices range from Dh100 million to Dh400 million. 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 study found that there were 67,900 millionaires living in Dubai as of June, including 202 cent-millionaires (those with net worths of over $100 million) and 13 billionaires. Dubai, which is presently ranked 23rd globally, is expected to get to the top 20 by 2030 due to its tremendous growth.
Given the growth in wealthy people choosing to reside in Dubai, listings like this one are not surprising. The pricing seems appropriate once convenience and luxury are added. For instance, this apartment provides 100 meters of direct beach access in addition to access to five-star amenities and services.
Given the direction of the growth seen this year in the booming real estate market, these listings and prices seem fair. In Dubai, 2,882 real estate transactions of more than Dh9.2 billion were completed during the one week that concluded on December 16, according to data provided by the Dubai Land Department (DLD). Apartments in Palm Jumeirah that cost Dh80 million, Dh61 million, and Dh59 million accounted for the top three transfers for apartments and villas.