Real Estate

Another day, another record for Dubai’s high-end real estate scene.

On the manmade marvel Palm Jumeirah, a prized super-penthouse has sold for about $23.5 million (approximately AED 86 million), making it among the most expensive penthouses ever sold in the United Arab Emirates city.

The massive duplex residence is one of about 90 units within the One Palm, an exclusive development from luxury hospitality brand Dorchester Collection. The transaction is just shy of the record $27.7 (AED 102 million) paid earlier this year for another penthouse at One Palm, according to reports.

Kianoush Darban, business development manager for Driven Properties, assisted the buyer in the purchase of the super-penthouse and described it as the best luxury property he’s seen in his 14 years of experience.

The five-bedroom penthouse, which will be finished to the new owner’s liking, has nearly 21,300 square feet of living space with a private lift, floor-to-ceiling windows and a bird’s eye view of nearby landmarks such as the Palm, Ain Dubai and Burj Al Arab. A private rooftop terrace with a modern swimming pool completes the high-end offering.

In addition to luxury accommodations, One Palm is coveted for its white-glove services. Building amenities include a private elevator lobby for every two units and access to exclusive beachfront, water sports facilities, spa and dining services. Each residence is assigned three to six wide parking spaces plus additional parking for visitors.

Darban says that his client, who he declined to name, previously purchased the 8,300-square-foot unit directly below the penthouse but moved quickly to upgrade once they found it out it was available. The smaller penthouse, which has its own private pool, is now on the market with Driven Properties for $17 million (about AED 62 million).

High demand for Dubai’s prime inventory has created a sense of urgency in the market, particularly at the One Palm, according to Darban. His advice to investors and high-net-worth individuals from around the world: “Hurry and book your viewings while this beautiful property is available on re-sale.”

Driven Properties is an exclusive member of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.