By Courtney Trenwith
Courtney Trenwith compares the value of Al Habtoor Group’s new VIP penthouses to the most expensive properties in the world
Imagine for a moment you were wealthy - super, super wealthy. Would you pay $250m for a four-level penthouse in Al Habtoor City, Dubai?
That’s how much Kalaf Al Habtoor wants for each of the two 3000 square metre VIP penthouses, if he decides to sell that is.
He says they’ll be "uber-stylish, fitted to the highest standards, with the most exclusive finishing materials from some of the world's top brands" and will include 360-degree views of Dubai. But before you answer whether you’d put in a bid, let’s see what else $250m could buy you in real estate around the world.
Let’s start with Monaco, the tiny European country that famously tops worldwide most expensive property lists year after year.
Average apartments in the country of 60,000 residents cost $47,578 per sqm, according to Global Property Guide. That would make a penthouse the size of Al Habtoor’s worth about $143m.
According to UK real estate agency Prestige Property, multiple penthouses with panoramic views of the Mediterranean are selling for between $25m-$40m.
Yes, these are not brand new properties but when you could snap up multiple – even 10 – it puts Al Habtoor’s price tag into comparison.
Monaco also is home to what could become the world’s most expensive property when it’s completed. The 3300sqm residence will sit atop the Odeon Tower, which will be the Mediterranean coastline's second tallest building.
The penthouse design includes a private water slide and exclusive infinity pool.
Sky News reported that its estimated value could be as much as £256m ($407m) when it is released onto the market in 2014.
Meanwhile, in London, the most exquisite homes featured in a recent list of the most expensive properties would have given their buyer change for $50m.
For example, a lavish Italianate Grade II villa in Holland Park was on the market for £26.5m ($42m) and a house in the exclusive suburb of Knightsbridge, owned by the son of the Harrods founder Charles Digby Harrod, was for sale for £17.5m.
In Australia, you could pick up five of the most expensive residences in the entire country. And I’m talking burgeoning properties that include acres of greenery.
The most expensive sale so far was recorded in the capital of Western Australia, Perth, in 2009 - $57.5m, according to the Sydney Morning Herald.
A palatial property in Sydney’s exclusive Vaucluse was recently put on the market for $60m, which would then make it the most expensive sale in Australia.
Even in Dubai, $250m is more likely to get you more than one mansion in Emirates Hills or a couple of floors in the Burj Khalifa.
So, will Al Habtoor receive any offers for his $250m penthouses? It is Dubai after all and people have been willing to pay top dollar for prime residences but it looks likely these two will remain in his hands – reaping grandiose rental returns, no doubt.
It's clever marketing, the Candy brothers and Qataris did the same thing with One Hyde Park - by putting a high notional value on the penthouses you up the value of all the other apartments! They must be worth a staggering amount on this basis...