Dubai: A three-level penthouse in Dubai has just been bought for Dh75 million, further extending the hot streak the local property market has been on since the start of the year. The deal, for a unit at Omniyat Properties’ Dorchester Collection building, also shows that wealthy buyers are confining their attention to super-premium villas in Dubai.
Bought as shell-and-core, the penthouse extends to 17,712 square feet and come with “exceptional views” of Downtown Dubai and Burj Khalifa. Omniyat has been involved in earlier penthouse deals, including the two costliest ones recorded in Dubai to date - at its Palm One project. These fetched the developer Dh102 million and Dh73 million, respectively, at the high-rise project on the Palm Jumeirah.
“Given the high price tags of the higher end luxury properties, investors and buyers want to get the most value for their money,” said George Azar, Chairman of Luxhabitat Sotheby’s, which brokered the deal. “What makes a luxury property even more impressive? When it is like nobody else’s.
“In Dubai, there are far more opportunities for buyers to customise their homes to their personal preferences, adding in unique touches and exciting amenities.”
There are only 39 units at the Dorchester. Daily property deals are regularly crossing Dh1 billion in Dubai, and on Tuesday (August 31) touched the Dh3 billion mark.