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Knight Frank makes history with a record-breaking deal at Address Beach Residences in JBR

Knight Frank recently closed a jaw-dropping $7M+ secondary sale at the stunning Address Beach Residences in JBR, raising the bar for opulent living

Address JBR

Knight Frank, a leading real estate consultancy, recently made history with a jaw-dropping deal at the prestigious Address Beach Residences in JBR. They closed the highest secondary sale in the building, with a whopping price tag of $7,078,875 (AED 26,000,000) for a 4-bedroom unit. This record-breaking transaction has set a new standard for secondary sales in the building, with a price per square foot of $1,940 (AED 7,125), beating out the previous record of $1,817 (AED 6,672) per square foot for a 3-bedroom unit.

“The property was not actively listed for sale, the buyer was specifically looking for a penthouse in Address JBR, it was just a matter of sourcing the right property and reaching an agreement both parties were happy with. All-in-all the deal was concluded within a few days,” explains Alfie Tabrez – Sales Director, Prime Residential, Knight Frank MENA.

JBR Address: An exclusive hotspot

JBR is a top choice for those who love waterfront living and a variety of tourist attractions, just like Palm Jumeirah. High-Net-Worth Individuals (HNWIs) and Ultra-High-Net-Worth Individuals (UHWIs) are naturally attracted to the lifestyle here, often looking to invest in second homes or vacation residences.

JBR Address is known for its one-of-a-kind design and architecture. You can enjoy the world’s highest infinity lap pool, stunning views of the city skyline, top-notch dining options, round-the-clock concierge services, resort-style amenities, and easy beach access. But was it just these exclusive features that caused the price tag to be so high?

“Firstly, it is an exclusive and iconic building. Furthermore, with the government’s initiatives and introduction of long-term visas for investors, tax-free policies and world-class infrastructure continue to make Dubai an attractive destination for UHNWIs. In addressing the secondary market with regards to the luxury and ultra-luxury segment, with the shortage of ready luxury homes, stakeholders in the Dubai real estate market must ensure they are catering to the nuanced demands of UHNWIs, who are pivotal in driving the secondary market for the luxury segment,” elaborates Tabrez.

Secondary market: A thriving space

The secondary market in Dubai has seen some big changes lately, especially since the pandemic. It’s gone from being all about speculation to being a more mature market where people are thinking long-term about their property investments. “A growing number of buyers are seeking exclusive and lavish homes, prompting developers to elevate their offerings. With the government providing attractive incentives like long-term visas and a tax-free environment, the city is attracting even more affluent individuals,” concludes Tabrez.

Dubai’s real estate market is known for smashing records, especially in selling top-of-the-line, extravagant properties. With its stunning skyline and lavish architecture, Dubai attracts wealthy buyers seeking exclusive homes with unmatched amenities and stunning views. Whether it’s posh penthouses in towering skyscrapers or luxurious villas on artificial islands, Dubai’s property market consistently goes above and beyond in terms of luxury and price. Thanks to its booming economy and reputation for luxury, Dubai continues to make headlines by selling some of the priciest properties in the world.

Overall, Dubai offers a vibrant lifestyle, top-notch amenities, and unparalleled quality of living, making it a top pick for affluent individuals looking for the ultimate in luxury living.