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A five-bedroom penthouse covering almost 22,000 square feet has sold in Dubai for 500 million UAE dirhams — just over $136 million — setting a new record for one of the world’s busiest luxury real estate markets.
Set atop a 71-story tower called Como Residences, the yet-to-be-built apartment is located on the exclusive Palm Jumeirah, an archipelago of artificial islands known for its designer villas, upscale hotels and beach clubs with infinity pools.
Built just over 20 years ago, the archipelago spans an area of 560 hectares (1,380 acres) and is home to about 80,000 people. Its newest attraction is the Palm Tower, a 52-story hotel and private residence skyscraper with a public observation deck offering stunning views of the Dubai coastline.
The Como Residences are currently under construction and Provident Estate anticipates completion by late 2027 — meaning the buyer will have to wait at least three more years before they can enjoy their purchase.
The previous record for a penthouse sale in Dubai dates back just a few months when an apartment occupying the top floor of Marsa Al Arab Hotel sold for 420 million UAE dirhams (about $114 million). According to Provident Estate, this penthouse ranks as third most expensive in world after Penthouse D at One Hyde Park in London priced at $237 million and Odeon Tower Penthouse in Monaco priced at $440 million.
The Como Residences penthouse features a sky pool with panoramic views including Burj Al Arab – Burj Khalifa –the world’s tallest building- and Dubai Marina. The agency won’t reveal who bought it but says “they are from Eastern Europe.”
According to its developer Nakheel,the Como Residences tower will be over300 meters tall meeting definitionof supertall skyscraper.Limitedtojust76 apartmentsfrom two to seven bedrooms,it includesan elevatedprivate sandybeach,a25-meter lap pooland rooftopinfinitypool.Eachfloorisoccupiedbyoneortworesidencesservedbyprivateelevators.The starting pricefortheunitswassetat21milliondirhamsabout$5.7million.
“It’saveryexclusiveproperty,it’sverymuchatrophyasset,”saysChrisBoswell,aDubai-basedluxuryrealestateagentwhowasnotinvolvedwiththesale.Hesaysthatduetothelimitedavailabilityofpropertiessomeoneispreparedtowaityearsforit.“Therearen’tanyreallarge-scalepenthouseslikethatunlessyougoforsomethingthatisoffplanmeaningunderconstruction.Andpeoplearepreparedtowaitthatlongforthebestones.”
Boswellwhohasbrokeredsalesofupto$55millionintheregionsaystherehasbeenashiftinthetypeofbuyersinthelastfewyears.“We’reseingalotmorepeoplenowwhoarebuyingtoli…
