Dubai Sotheby’s International Realty sold two exclusive penthouses in the prestigious Marsa Al Arab development for a combined total value of AED706m ($192m).
Not only is the Marsa penthouse one of the priciest pads ever sold in Dubai, it’s also among the most-expensive penthouse ever built and sold in the world.
The Odeon Tower Penthouse in Monaco, priced at $440m, holds the title for the most expensive, followed by the penthouse at One Hyde Park, London, priced at $237m.
Marsa Al Arab penthouses in Dubai
Taieser Al Saati, Executive Partner at Dubai Sotheby’s International Realty, orchestrated the landmark deal, setting a new pinnacle by achieving a remarkable AED17,000 ($4,630) per square foot.
Spanning 34,000 sq ft in total with an additional 13,000 square feet of outdoor space, the record-breaking penthouse includes two private pools and breathtaking 360-degree views of Dubai, including panoramic sea views and stunning vistas of the Burj Al Arab.
The penthouse also includes access to a new superyacht marina and features a dedicated lobby and two private penthouse lifts.
In a related sale, Taieser Alsaati of Dubai Sotheby’s International Realty recently acquired the neighbouring penthouse to unify largest and most valuable yacht-shaped penthouse offered for sale in Dubai’s history.
Dubai Sotheby’s International Realty, has sold 50 per cent of the penthouse units in Marsa Al Arab for a combined total AED706m ($192m) within 2023.
The Marsa Al Arab Hotel, designed with futuristic superyacht influences, will encompass 386 rooms and suites, four penthouses, and 83 luxury hotel apartment suites, surrounded by exquisitely landscaped gardens.
George Azar, CEO and Chairman of Dubai Sotheby’s International Realty, said: “For a penthouse to be commanding such an immense premium in Dubai and for a single owner purchasing multiple units within the same development shows the strength of the market, but more importantly, it also shows the strength of a well-established brand.
“Marsa Al Arab is part of the Jumeirah Group, which has become the top name in hospitality in the region and is globally recognised for its beautiful properties and impeccable service standards.
“In my view, a project by the Jumeirah Group is on the same level as branded residences from international names such as the Four Seasons or Ritz-Carlton.
“This is no small feat for a homegrown UAE brand and is a testament to Dubai’s growing presence on the world stage.”
The unprecedented success of these penthouse sales underscores the allure of the city’s real estate market, attracting high net worth Individuals (HNWIs) worldwide and solidifying the emirate’s position as a pinnacle of luxury living on the world stage.
Dr.Taieser Al Saati, Executive Partner at Sotheby’s International Realty stated “This milestone achievement in Marsa Al Arab signifies the pinnacle of luxury real estate in Dubai. Surpassing previous records and setting new benchmarks demonstrates the unmatched appeal of this exceptional development. We take immense pride in contributing to this landmark success and look forward to continued excellence in the market.”
Dubai Sotheby’s International Realty will be presenting a luxurious villa worth AED350m ($95m) for sale in Marsa Al Arab, underscoring their commitment to offering exceptional properties in the city’s thriving real estate market.
This achievement highlights the agency’s dedication to setting new standards of luxury living in the emirate.
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