If the first-half of 2021 was about property buyers picking off Dh50 million to Dh110 million homes, will the coming weeks have them thinking Dh180 million? And if they do, how soon will a luxury property come along to break the Dh200 million threshold?
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For now, the sight is set at Dh180 million, which is what a 25,000 square foot penthouse right at the top of the Atlantis The Royal Dubai. Chances are that it will not remain in the market for too long – there must already be one wealthy investor somewhere who’s budget will fit in right with the Dh180 million demanded.
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“We’ve seen a lot of high networth clients relocate or invest in Dubai due to the steps taken by the government around the pandemic,” said Nikita Kuznetsov, CEOof Metropolitan Premium Properties, the brokerage firm. “Right now, there is a lot of interest in Dubai’s luxury real estate market and limited availability. We anticipate prices to go up between 10-15 per cent in 2022.”
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What makes for the Dh180 price tag? The Palm has seen its share of Dh100 million plus properties. In the past, there was talk in the market about a Dh180 million sale on an uber-luxury villa at a prime spot on the island.
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This particular one certainly has space – 25,000 square feet – and a lot packed into it. There is, of course, the Infinity pool and a private deck. “The property will be available in shell-and-core so the buyer will have an option to design their living space as per their requirements,” said Kuznetsov.
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Atlantis The Royal Dubai has been designed by KPF and the interior options are by Sybille De Margerie, who commissioned artists to create unique works in materials ranging from leather, metal and porcelain to glass and gold leaf.
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How soon will a buyer bite? The development is heading for handover in December, to coincide with the UAE National Day celebrations. There is speculation that a buyer for the Dh180 million home could be identified before that.
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“A penthouse this unique will take a little more time to sell due to its unique price point and ultra-high networth pool of buyers,” said Kuznetsov. “This is however a flagship destination and the penthouse is a truly iconic property that has already attracted a lot of attention and interest worldwide.”
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For those thinking of a less pricey option, Atlantis The Royal Dubai does have options. There are 231 apartments (in addition to 693 hotel rooms and 102 suites). Prices start from Dh2.1 million for a two-bedroom unit.
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“There are two segments that are very much in demand right now,” the estate agent said. “Seafront properties are seen as secondary residences and investments whereas townhouses and villas are popular with Dubai residents who are looking for a forever home.”
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Somewhere in all those permutations, there will emerge a buyer willing to spend Dh180 million…
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