Penthouse in Dubai Sells for a Whopping $136 Million

Penthouse in Dubai Sells for a Whopping $136 Million

The busiest luxury real estate market in the world saw a new record established when a five-bedroom penthouse was sold for a whopping AED 500 million, or $136 million.

The yet-to-be-built apartment covers an area of 22,000 square feet and sits atop the 71-story tower named Como Residences.

The penthouse is located in the exclusive Palm Jumeirah, the artificial islands renowned for their upscale hotels, designer villas and beach clubs that boast infinity pools.

The location

The archipelago was built almost two decades ago and covers an area of about 560 hectares and currently there are 80,000 people living there.

The Palm Tower is its newest attraction, which is a 232 meter tall, 52-storey private residence and hotel skyscraper that boasts a 360-degree public observation deck at the top, which offers breathtaking views of Dubai.

Currently, the Como Residences are under construction and the sale of the penthouse was brokered by the agency based in Dubai named Provident Estate.

According to the agency, it anticipates the penthouse’s construction to be completed by late 2027, which means the buyer would have to wait at least three years before they can use their purchase.

Record sales

It was just a few months ago that a previous record sale had been made in Dubai of a penthouse valued at AED 420 million, or $114 million.

This was an apartment located on the top floor of the Marsa Al Arab Hotel. Provident Estate revealed that the Como Residences penthouse is the world’s third most expensive one.

The most expensive penthouse in the world is valued at $440 million and is located in Monaco at the Oden Tower Penthouse.

The second one on the list is valued at $237 million and located in One Hyde Park in London called Penthouse D.

The penthouse

There is a 360-degree sky pool part of the penthouse on top of Como Residences and it strategic location offers views of Burj Khalifa, Burj Al Arab and Dubai Marina.

Provident Estate did not disclose the identity of the buyer of the penthouse, but mentioned that they were from Eastern Europe.

Developer Nakheel has revealed that the Como Residences tower would meet the definition of supertall skyscraper as it would be about 300 meters tall.

There will only be 76 apartments in the tower that will boast two to seven bedrooms. Other facilities include a rooftop infinity pool, a 25-meter lap pool and private sandy beach.

Each floor comes with private elevators and there will only be one or two residences. The starting price of the units is $5.7 million.

According to real estate agents based in Dubai, the penthouse is not very different from a trophy asset because it is an exclusive property.

They said that since properties like these are available in limited quantity, it is not surprising that the buyer is willing to wait for years to use it.

They also added that many buyers are now purchasing property to live in Dubai instead of just speculative factors.

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