In a record-breaking real estate transaction, Knight Frank MENA has secured the sale of the most expensive apartment ever in the prestigious Downtown Dubai area.
The four-bedroom Sky Collection Penthouse, located within the iconic Kempinski The Boulevard development, has been sold for AED 80 million (approx. $21.8 million).
The duplex penthouse, spanning an impressive 7,466 square feet, boasts unparalleled luxury and breathtaking views of the iconic Burj Khalifa. The property features five bathrooms, a powder room, two fully equipped kitchens, and Fendi-branded furnishings.
Younus Karim, Principal Client Advisor at Knight Frank MENA, was the agent who secured this landmark deal.
The penthouse’s sale price of AED 80 million translates to an astonishing AED 10,715 per square foot, a figure that is four times higher than the average price of AED 2,670 per square foot for Downtown Dubai apartments sold in the first quarter of 2024. Additionally, it exceeds the average price for branded residences in Downtown Dubai by a staggering 60 percent, which stands at AED 6,600 per square foot.
“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,” said Will McKintosh, Regional Partner and Head of Residential, MENA at Knight Frank.
“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.”
The sale of the Kempinski The Boulevard duplex penthouse surpasses the previous record set in 2022, when a five-bedroom apartment in the Burj Khalifa was sold for AED 73 million. This transaction further solidifies Dubai’s position as one of the most sought-after cities for super-prime real estate globally.
“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,” added McKintosh.
Dubai continues to attract affluent buyers and investors from around the world, cementing its status as a premier destination for high-end real estate investments.
As the city’s real estate market continues to thrive and evolve, record-breaking transactions like this one serve as a testament to the enduring appeal and desirability of Dubai’s prime properties, setting new benchmarks for luxury and exclusivity.
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