Posted inNewsResidential

Dubai penthouse breaks record, sells for $21.8 million

The penthouse was sold for AED 10,715 per square foot, which is 4 times higher than the average price of Downtown apartments sold in the first quarter of this year

Dubai penthouse breaks record, sells for $21.8 million

The UAE is known for its stunning properties, from penthouse apartments to luxurious villas with impressive amenities. Moreover, Dubai, in particular, is a city of record-breakers, boasting the world’s tallest building, and fastest roller coaster, amongst others. Now, the recent sale of a penthouse highlights the city’s reputation for opulent real estate offerings, and adds to its list of accomplishments.

Knight Frank MENA recently made history by selling the most expensive apartment ever in Downtown Dubai. Kempinski The Boulevard duplex penthouse, listed by Knight Frank MENA, was sold for a staggering $21.8 million (AED 80 million). Younus Karim, Principal Client Advisor was the agent that secured the deal.

The four-bedroom Sky Collection Penthouse at Kempinski The Boulevard is a luxurious residence with stunning views of the Burj Khalifa. Spanning 7,466 square feet, this penthouse features five bathrooms, a powder room, and two fully equipped kitchens, and is furnished by Fendi. Offering the epitome of luxury living in Dubai, it is located in one of the city’s most coveted addresses.

The penthouse in question has sold for AED 10,715 per square foot, which is four times higher than the average price of Downtown apartments sold in Q1 of this year at AED 2,670 per square foot. Additionally, it is 60% higher than the average price for branded residences in Downtown, which is AED 6,600 per square foot.

The sale of the Kempinski The Boulevard duplex penthouse has broken the previous record set in 2022, when a five-bedroom apartment in the Burj Khalifa was sold for $19.9 million (AED 73 million). This demonstrates Dubai’s status as a highly desirable city for super-prime real estate.

Will McKintosh, Regional Partner and Head of Residential, MENA, says, “As the name suggests, ‘Downtown’ is always a prime central hub of any city, as is the case with many US cities such as New York and LA, Dubai is no different. Downtown Dubai is a popular and one of the city’s favoured locations, both for domestic and international ‘city types’ who like the lively ‘hustle and bustle’ vibe that comes with being on the doorstep of the world’s largest shopping mall.”

He adds, “Views of the iconic Burj Khalifa remain highly sought after and it comes as no surprise that we have sold this unique Kempinski-branded penthouse, which offers stunning views of the world’s tallest building. Even at AED 80 million, the property still represents very fair value particularly when compared with what you are getting in other global cities.”