Dubai apartment sells for over Dh500 million in record off-plan deal

Dubai: Dubai’s property market recorded a landmark deal on Monday with the sale of an off-plan residential apartment for more than Dh500 million, signalling sustained demand for high-end real estate in the emirate.

Data from the Dubai Land Department’s Dubai REST app showed the unit was sold for Dh501.1 million, making it the second most expensive apartment transaction in Dubai’s history.

The apartment, located in the Business Bay area within the “Maybach 6 – Tower A” project by Binghatti Properties, spans 1,325.16 square feet and was priced at Dh378,144 per square foot.

The deal highlights continued appetite for luxury properties, reinforcing Dubai’s appeal as a preferred destination for global investors.

Mohammed Binghatti, chairman of Binghatti Properties, said the developer was seeing growing interest from high-profile international figures, adding that negotiations were under way with a prominent global artist to purchase a luxury penthouse in Downtown Dubai.

He said the unit could rank among the highest-priced in the area, with the deal expected to close within days.

The transaction follows a record Dh550 million apartment sale in late 2025 at the Bugatti Residences by Binghatti, surpassing a Dh500 million deal recorded in 2023 at Como Residences.

Dubai’s property market has maintained strong momentum, with total transactions exceeding Dh4.94 billion on the day, including sales of more than Dh3.55 billion, reflecting continued investor confidence in the emirate’s economic outlook.