The Royal Atlantis Resort & Residences feature 231 apartments and will be another high-profile address on the Palm. Image Credit: Supplied

Dubai: The most expensive property in Dubai is within sight of the Dh200 million mark. A penthouse on the Palm with all the luxury trappings is asking for Dh180 million (about $49 million).

The five-bedroom penthouse triplex at the Atlantis The Royal Resort & Residences is selling spreads over 25,000 square feet and comes with an outdoor deck with its own infinity pool. There’s also a private lounge and beach, as well as access to five-star amenities.

Built and operated by Kerzner, Atlantis The Royal Dubai is on the crescent of The Palm and comes with 231  apartments, 693 hotel rooms and 102 suites. "We are continuing to see strong demand for luxury properties from overseas investors," said Nikita Kuznetsov, Partner at Metropolitan Group and CEO of Metropolitan Premium Properties, which is one of the brokers handling the deal.

"Sales of properties over Dh5 million accounted for 15 per cent of the total sales in the first six months with the average sales price of high-end property increasing from Dh5 million to Dh10 million."

Luxury homes are burning hot in Dubai
In recent times, Metropolitan was involved in the sale of two penthouses at the W Residence, Palm, which sold for Dh102 million to the same buyer. There was also the sale of a Royal Atlantis Garden Villa for Dh44 million and one in Il Primo Downtown for Dh42 million to a European buyer.

Dubai has seen quite a few Dh100 million property sales in recent months, most of them on the Palm. The Dh180 million mark takes the luxury stakes to a whole new level altogether. The costliest penthouse sold to date in Dubai was about four years ago, at the One Palm project by Omniyat. That went for just over Dh100 million.