Dubai: A three-bedroom duplex apartment in the Royal Atlantis has set a record for the highest price per square foot for a property on the Palm Jumeirah. The deal was signed for Dh44 million.
The deal, at Dh12,387 per square foot, is the second highest in Dubai after an apartment in the Bulgari Resort and Residences that was sold for Dh13,543 per sq ft.
The property has been acquired by a first-time Russian investor. Penthouse.ae, the entity facilitating the transaction, released a statement on Wednesday confirming the deal.
“This landmark deal further underscores the continued interest in branded residences, including iconic names like SLS Residences, Armani, Six Senses and the Royal Atlantis,” said Petri Mannila, Head of Luxury at Penthouse.ae. “High-net-worth individuals, entrepreneurs, institutional investors and family property funds are driving demand for luxury properties north of AED 20M, resulting in a shortage of available units for both end-users and investors in the market.”
Mannila added: “With supply constrained and prices maintaining an upward trajectory, the current window of investment opportunity is exceedingly promising.”
Dubai’s luxury property market has witnessed substantial double-digit growth in the first half of this year, with a positive outlook forecasted for the next 3-5 years
The surge in demand for luxury real estate in Dubai has been remarkable, fueled by an influx of HNWIs from around the world. The momentum has persisted into 2023, with the market nearing the halfway mark of 2022’s accomplishments within the first quarter.
Dubai luxury property market recorded 400 %growth in 2022 compared to the previous year
Since the start of this year, the number of super-luxury properties valued at Dh15 million and above has quadrupled, and experts say, this segment will continue to grow.
“The Royal Atlantis has witnessed an extraordinary increase in prices, surpassing 150 per cent since its launch,” said Olga Mannila, the agent behind the record-breaking deal. “Beyond its prestigious address, these units offer buyers good value for money besides an unmatched lifestyle with a host of exquisite features and amenities.”