The largest penthouse at Atlantis The Royal Residences on The Palm Jumeirah in Dubai has sold for Dh163 million ($44.4m) in what is one of the highest-valued property sales of the year so far in the city.
The sale comes as Dubai's prime property market soars on the back of the wider economic recovery in the UAE from the coronavirus-induced slowdown.
The five-bedroom triplex penthouse is spread across more than 25,000 sq ft and features a sky garden, two private pools and terraces, a private lift and floor-to-ceiling windows with 360-degree views of the city and the Arabian Gulf. The unit has been bought unfurnished.
"This notable transaction is attributed to the growing interest in investment in Palm Jumeirah and the enduring appeal of Dubai as a second home to discerning world citizens," said Babak Jafari, chief executive of B1 Properties, which brokered the sale.
The penthouse is located on floors 35, 36 and 37 of the residential towers, with an additional mezzanine level on 37.
Amenities at the development include serviced a-la-carte packages, a 90-metre infinity Sky Pool, access to more than 40 eateries and restaurants, spa treatment rooms, steam and sauna rooms, gyms and tennis courts.
The only Dubai apartment and penthouse currently listed at a higher price on local property portals is AVA at Palm Jumeirah by Omniyat, at Dh250m.
Dubai property prices: where they rose and fell – July 2022
Property prices across Dubai have been increasing, with demand in prime areas particularly strong.
On The Palm Jumeirah, villa prices have increased by 51 per cent over the past 12 months and by 68 per cent since the start of the pandemic, Knight Frank data shows.
An inflow of high-net-worth individuals and the success of the UAE's Golden Visa scheme supported the emirate's prime sector, tipped to be among the best performers globally in the second half of the year, Savills said.
The city is predicted to continue to attract wealthy people “at above pre-pandemic levels”.
Helen Tatham, Savills' head of prime residential Dubai, said in a recent report: “Dubai is set to perform the strongest for the remainder of 2022 and factors that work in its favour include the continuously positive changes to policies, the most recent being additional benefits for long-term visa holders, with the opportunity for residents to have a superior quality of life at their fingertips.”
Other brokers are also optimistic about the market in the short term.
"While many markets worldwide are facing geopolitical and economic uncertainty, Dubai continues to be a beacon of resilience," said George Azar, chief executive at Luxhabitat Sotheby’s International Realty.
"In recent months we are seeing investors from the UK, India and Germany driving demand, with many of our buyers looking for ready properties and branded addresses. Of course, with property a safe hedge against high inflation, we expect demand to continue along similar lines into the third quarter of this year."