Stock - Atlantis The Royal Resort & Residences
A Dh64 million penthouse gets bought at Dubai's Atlantis The Royal Resort & Residences. next up? A 25,000 square feet Dh180 million unit. Image Credit: Supplied

Dubai: There is a Dh180 million apartment yet to be sold there – but Atlantis The Royal resort & Residences on the Palm is still doing quite well. A penthouse there has been bought for Dh64 million, making for one of the most expensive property deals in Dubai this year.

The 8,300 square feet unit was acquired by a European national, further reaffirming Dubai’s credentials as a choice spot for wealthy overseas investors interested in property assets. The four-bed penthouse is the second most expensive property in the development after the top-floor five-bed penthouse triplex, which is listed for Dh180 million.

“It is a good example of how HNWI (high networth individuals) still consider Dubai the number one destination for property investment,” said Nikita Kuznetsov, Partner at Metropolitan Group and CEO of Metropolitan Premium Properties, which brokered it. “The deal was concluded in just four days further highlighting the confidence in Dubai’s economy and real estate market.

“We have seen strong demand for luxury properties especially from international buyers primarily from the CIS, the UK and other parts of Europe including France, Germany and Austria.”

Among Metropolitan’s biggest transactions were two penthouses at the W Residence, Palm Jumeirah, which sold for Dh102 million to the same buyer, in addition to a Royal Atlantis Garden Villa for Dh44 million, and one in IL Primo Downtown for Dh42 million to a European buyer.

Destination Atlantis

Built and operated by Kerzner, Atlantis The Royal Dubai on the crescent of the Palm features 231 apartments, 693 hotel rooms and 102 suites.