December 20, 2022, Gulf News
Dubai: The emirate’s real sector has been booming throughout the year and in one of the most expensive listings lately, a Jumeirah penthouse has been put up for Dh120 million.
The listing on Penthouse.ae, a luxury division of Metropolitan Premium Properties, offers the ready-to-move-in penthouse with four bedrooms a majlis area, a private elevator and double height ceilings. The hefty price tag also offers one of the most sought-after commodities in the property market here – a view.
The penthouse occupying floors 73-75 in the Jumeirah Gate Tower, at Address Jumeirah Beach Residence (JBR) boasts 360-degree views of the Dubai skyline, Bluewaters, Ain Dubai, Palm Jumeirah and Burj Al Arab.
Petri Mannila, Sales Director of Penthouse.ae, said: “We are seeing a huge influx of ultra-high net worth investors and buyers from Europe and the CIS in the last 6-12 months who are looking for ready-to-move-in homes and driving up demand for these uber-luxury units. We are currently listing 10 penthouses ranging from Dh100M up to Dh400M in Dubai some of them ready-to-move-in and a few are to be handed over in the next year or two. The Jumeirah Gate Tower penthouse is located on the very last land plot on Jumeriah Beach Walk making it an even more strategic investment opportunity.”
The UAE, as a whole, is projected to have the highest net influx of millionaires in 2022, according to the Henley Global Citizens Report. Dubai and Abu Dhabi are among the top five wealthiest cities in the Middle East, and are still growing at 18 and 16 per cent respectively.
67,900 millionaires reside in Dubai as of June, the report stated, which includes 13 billionaires and 202 centi-millionaires (individuals with net worth valued at more than $100 million). In the global ranking, Dubai is 23rd, and is expected to break into the top 20 by 2030, given its high growth rate.
Given this growth in wealthy people choosing to reside in Dubai, listings such as this one are not surprising. Add to that convenience and luxury, the price tag suddenly doesn’t look out of place. This home, for example, comes with 100 metres of direct beach access and access to to five-star amenities and facilities.
Distinguished by its two 310-metre skyscrapers and the world’s tallest infinity pool, the iconic 77-floor project features the Hotel, the Serviced Apartment Tower, Address Residences Jumeirah Resort + Spa, Dubai, and the Residential Tower, ‘The Residences Jumeirah Dubai, Managed by Address’.
The property sector is booming as of now, and such listings and prices are not out of place given the trajectory of growth seen this year. In the one week ending December 16, a total of 2,882 real estate transactions worth over Dh9.2 billion were conducted in Dubai, according to figures released by the Dubai Land Department (DLD). The top three transfers for apartments and villas were apartments priced Dh80 million, Dh61 million and Dh59 million – all located in Palm Jumeirah.