Aldar sells Abu Dhabi's 'most expensive' penthouse for $37m

The three-bedroom unit covers an entire floor at Nobu Residences Abu Dhabi

A rendering of the penthouse's terrace at Nobu Residences Abu Dhabi. Photo Aldar

Aldar, the biggest listed developer in Abu Dhabi, has sold the emirate’s most expensive apartment for Dh137 million ($37 million) as demand for luxury property continues to rise in the UAE capital.

The three-bedroom penthouse, covering an entire floor at Nobu Residences Abu Dhabi, also fetched the emirate's highest price per square metre, at more than Dh96,000 a square metre, Aldar said on Monday.

Aldar's record transaction follows the recent sale of a four-bed duplex sky villa, also at Nobu Residences Abu Dhabi, for Dh130 million.

“This milestone transaction at Nobu Residences not only sets a new benchmark for residential property in Abu Dhabi but also underscores the maturity of the real estate market,” said Talal Al Dhiyebi, group chief executive of Aldar.

“Year on year, we are seeing healthy increases in both the volume and value of homes purchased, driven by supportive government policies and initiatives that have increased the attractiveness of Abu Dhabi.”

The property market in the UAE has maintained a robust growth momentum after it bounced back from the coronavirus-induced slowdown in 2021.

The ValuStrat Price Index, which analyses changes in property values, grew by 4.2 per cent annually for the UAE capital last year.

Abu Dhabi recorded 2,238 off-plan sales transactions last year, which represented 75.1 per cent of overall sales and an increase of 39.4 per cent from the same period in 2022.

Ready home sales volumes rose by 36.5 per cent annually last year.

Saadiyat Island registered the highest annual capital gains in the fourth quarter, as villa prices rose by 12.6 per cent, ValuStrat said in its latest quarterly real estate review report.

The island was also among the best performing in terms of apartment sales, with a 4.1 per cent increase in prices in the last three months of 2023.

Luxury property demand is on the rise in the emirate and developers are launching new developments to capitalise on the trend.

In November, Aldar launched the sale of branded properties at Nobu Residences Abu Dhabi on Saadiyat Island.

Located in the upmarket Mamsha Al Saadiyat, Nobu Residences includes 88 apartments, a 125-room hotel, a Nobu restaurant and a rooftop bar.

The development is expected to be completed in the second quarter of 2027.

Aldar expects the trend to continue and will continue to bring “the UAE’s most luxurious lifestyle concepts to life” on Saadiyat Island, as well as at some other prime locations in Abu Dhabi, Mr Al Dhiyebi said.

“Abu Dhabi’s real estate sector continues to gain significant momentum, with a sustained surge in demand across property types,” said Rashed Al Omaira, acting director general at Abu Dhabi Real Estate Centre.

“This new record reflects the resilience and maturity of our real estate market, reaffirming the solid growth of Abu Dhabi as a preferred place in which to live, work and invest.”