23 May 2023, Arabian Business
A record-breaking real estate transaction has taken place in Dubai with the sale of an AED420 million penthouse in Marsa Al Arab. The apartment spans 24,628 square feet, a private pool, dedicated lobby and two private lifts.
Luxhabitat Sotheby’s International Realty was behind the sale and now holds the record for the most expensive apartment ever sold in Dubai. Spanning a whopping 24,628 square feet, the apartment boasts 17,000 square feet of outdoor areas with 360-degree ocean views including the iconic Burj Al Arab.
The residents will also benefit from the close proximity to the superyacht marina.
With a design influenced by futuristic superyachts, Marsa Al Arab will feature 386 rooms and suites, four penthouses and 83 luxury apartment suites. The landscape will include terraces, gardens, private cabana areas and pavilions. Restaurants and bars curated by internationally acclaimed restaurant designers will also be available at the development.
Dubai’s luxury real estate market
George Azar, CEO of Sotheby’s International Realty in the UAE said, “We are immensely proud of this record-breaking achievement, as it reflects our unwavering commitment to excellence and our standing as a pioneer in the luxury real estate market. This sale not only highlights the desirability of property in Dubai but also cements the trust and confidence our clients place in us and we are excited to be at the forefront of this dynamic market, embracing the evolving needs and aspirations of our clients.”
“Dubai’s thriving real estate landscape, particularly in the luxury sector, provides an exceptional platform for remarkable accomplishments. This sale is a testament to the vibrant and progressive luxury property market in Dubai and Sotheby’s International Realty in the UAE is honoured to play a significant role in shaping its landscape, remaining dedicated to exceeding expectations, and setting new benchmarks in the industry,” he concluded.