Record-breaking Dubai penthouse sold for astonishing $136 million
A groundbreaking sale in Dubai's bustling luxury real estate market, a yet-to-be-built five-bedroom penthouse has shattered records by selling for an astonishing $136 million, cementing its status as a coveted trophy asset
The sale of a five-bedroom penthouse in Dubai has set a new record in the luxury real estate market, selling for over $136 million. Covering almost 22,000 square feet, this impressive property has made headlines in one of the world's busiest real estate markets.
The upcoming apartment, to be situated on the luxurious Palm Jumeirah, will be perched on top of the 71-story Como Residences tower. This exclusive area is renowned for its designer villas, high-end hotels, and beach clubs featuring infinity pools. The Palm Jumeirah, which was created just over two decades ago, spans 1,380 acres and is home to approximately 80,000 residents. One of its latest attractions is the Palm Tower, a 760-foot-tall hotel and private residence skyscraper with a public observation deck offering breathtaking 360-degree views of the Dubai coastline from its top.
Record sales
The Como Residences, which were sold through the Dubai agency Provident Estate, are currently under construction with an expected completion date in late 2027. This means that the buyer of the penthouse will have to wait at least three more years before they can enjoy their purchase.
The previous record for a penthouse sale in Dubai was broken just a few months ago when an apartment on the top floor of the Marsa Al Arab Hotel sold for 420 million UAE dirhams (approximately $114 million). According to Provident Estate, the penthouse at Como Residences is now the third most expensive in the world, following Penthouse D at One Hyde Park in London, priced at $237 million, and the Odeon Tower Penthouse in Monaco, priced at $440 million.
The Como Residences penthouse boasts a 360-degree sky pool and is strategically positioned in Dubai, offering stunning views of the Burj Al Arab, Burj Khalifa - the world's tallest building - and Dubai Marina, a spokesperson for Provident Estate revealed to CNN. While the agency has not disclosed the identity of the buyer, they have confirmed that the individual is from Eastern Europe.
Off the coast of Dubai's mainland lies the Palm Jumeirah, a stunning artificial set of islands. This aerial view from a hydroplane captures the unique palm tree shape, which is encircled by a crescent breakwater designed to shield the islands from strong winds and waves.
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Twenty years ago, in June 2001, construction on the project commenced without the use of steel or concrete to form the islands. Rather, the developer utilized sand and rock. In 2003, the breakwater crescent was being built. By Nakheel.
Today, the Palm is home to luxury hotels, pristine beaches and nearly 80,000 people, according to Nahkeel.
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Atlantis, The Palm is a luxury hotel resort situated at the apex of the archipelago.
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The Atlantis resort was the first to be built on the Palm, and opened in September 2008.
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Palm Jumeirah also boasts the first monorail in the Middle East, which opened in April 2009, and connects the Palm to Dubai's mainland.
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Previously, getting aerial views of the Palm required taking a helicopter tour or skydiving from a plane. Alternatively, you could also see the islands from the mainland, such as this view behind the Burj Al Arab in Dubai.
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In April, a new way to see the islands opened, with the 52-story observation deck, The View at The Palm Jumeirah.
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Other attractions include the Palm Fountain, which broke a Guinness World Record as the worlds' largest fountain last year.
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Dubai's famed Palm Jumeirah turns 20
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âA trophy assetâ
Nakheel's developer has announced that the Como Residences tower will stand at over 300 meters (984 feet) tall, qualifying as a supertall skyscraper. With just 76 apartments ranging from two to seven bedrooms, the tower features an elevated private sandy beach, a 25-meter lap pool, and a rooftop infinity pool. Each floor is dedicated to one or two residences only and is accessible via private elevators. The starting price for the units has been set at 21 million dirhams, approximately $5.7 million.
According to Dubai-based luxury real estate agent Chris Boswell, the property is highly exclusive and considered a trophy asset. He notes the limited availability of such properties and the willingness of buyers to wait years for them. Boswell also observes a shift in the type of buyers in recent years, with more people buying to live in Dubai rather than as speculative investors. He has noticed an increase in inquiries from the United States, Italy, France, and the UK.
One motivating factor for people relocating to the area is safety, he explains. However, when it comes to the price of a penthouse, the view is a crucial factor. "The view is incredibly important," he emphasizes. "And the view from this particular penthouse will be unparalleled."
