In Dubai, luxury home sales have quickly set new records in 2023. The first record was set on February 1 with the sale of a 3-level penthouse unit on Jumeira Bay Island’s Bulgari Lighthouse, selling for AED 410M. This nine-bedroom unit spans almost 39,000 square feet, according to DXBInteract.com data.
The large sales continued on February 1 with another unit on Jumeira Bay Island fetching AED 112M for 13,785 square feet, and on January 30, a unit sold for AED 67M at the same location. These new records demonstrate the high demand for luxury real estate in Dubai.
The AED 410M transaction easily clears the previous record for a Dubai penthouse, one for AED 163M at Atlantis The Royal Residences on Palm Jumeirah, which was announced in August last. In fact, between January 12 to February 1, a handful of Jumeira Bay based deals accounted for more than AED 2B in sales, according to DXBInteract.com.
Since the sale of the AED 410M penthouse in Dubai set a new record for penthouse prices, it was apparent that it would draw a lot of attention. Penthouse listings are increasing in number, whether publicly or privately, and some properties have already attracted several interested parties, according to Gulf News. The impression among industry sources is that there could be more than a handful of Dh200 M plus penthouse deals likely to be served up before summer.
For investors from abroad, the stability the UAE market offers is more important than the numerous advantages these residences offer. “Stability and security for what they are putting in” was the most crucial concern for international investors in 2022, according to one analyst. “Dubai in 2023 will still be resonating with this idea of stability…. There are still deals being finalised for luxury homes in Dubai, some of these are from new investors. The global visibility of Dubai and UAE in these two years is still bright.”
