New record set for the most expensive penthouse ever sold in Dubai

16.05.2017

The penthouse in Jumeirah Bay sold for USD16.3 million, and this is not the limit: read how branded property is priced now in Dubai.

The 4,000 square feet full-floor penthouse in Bvlgari Resorts & Residences was sold for AED 60 million (USD16.3 million), according to Luxhabitat.

So far, according to Reidin, this is the most expensive sales transaction for elite branded penthouses in Dubai’s history, beating the previous record of the penthouse sold in Fairmont the Palm for USD 11.4 million (AED42 million ) in 2012. But this new record may well be broken too, due to a sale of an even more impressive two-storey penthouse in the Noor Tower of the Al Habtoor City project, which is expected to be marketed at a price of USD 55 million.

The broker, who sold the penthouse in Bvlgari Resorts & Residences, said it was the largest real estate unit of this type he ever saw in Dubai. With the penthouse occupying the whole floor, residents can enjoy a complete 360 degrees view of the city and the sea. Bvlgari Resorts & Residences completion is scheduled for the end of 2017.

This project, like many other luxury real estate projects in Dubai today, belongs to the segment of branded real estate. Why is this type of property enjoying so much increased interest among Dubai investors? According to Luxhabitat, you can expect up to a 46% premium in terms of prices per square foot for branded real estate units.

The research by Luxhabitat has revealed that branded residences get higher investment returns and have inelastic price, which is rare for luxury real estate. The effect of price inelasticity guarantees consumers’ commitment to the brand, which also creates inelastic demand, as consumers don’t need a replacement and do not agree with it, as microeconomic theory states.

The most popular branded property units in Dubai today are penthouses, apartments and villas in such complexes as Kempinski Hotels & Resorts, The Fairmont Palm Residences, Palazzo Versace and, of course, the new VINCITORE project in Arjan area, recently presented in the market.

IMEX Real Estate can help you invest in any of these and other projects in Dubai, as well as provide you the best investment scheme. For more information on investing in branded real estate, please visit our Investment Section.

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