Luxhabitat, Dubai’s only high-end real estate brokerage and interior design company just sold the most expensive penthouse in Dubai for AED 60 million (US $16.3 million). This penthouse is the most expensive penthouse transaction to date, only followed by a penthouse on Fairmont the Palm that sold at AED 42 million in December 2012. A 14,000 square feet full-floor penthouse at Bvlgari Resorts & Residences on Jumeira Bay is currently being developed by Meraas and is due for completion by the end of 2017.
The luxury development will host a 1.7 million sq ft. complex and will be framed landscaped gardens. With 100 rooms and suites, 20 residential villas and a marina, the residents will be additionally pampered with a full range of luxury amenities.
Luxury Sales Director, Alexander Von Sayn Wittgenstein, who brokered the deal said, “This penthouse is very special because it has 270 degree views of Downtown Dubai and the sea. It’s the largest penthouse I’ve ever come across for a branded development in Dubai.”
Other branded developments that host penthouses include Armani Residences, Kempinski Hotels & Resorts, The Fairmont Palm Residences and Palazzo Versace. Branded developments can demand up to a 46% premium in terms of prices per square feet, according to a Luxhabitat analysis in 2015. It was also found that these branded residences have an inelastic price and higher investment returns.