A 14,000 square feet full-floor penthouse at Bvlgari Resorts & Residences on Jumeira Bay was sold for AED 60 million (US$16.3 million) by LUXHABITAT this year. The property is currently being developed by Meraas and is due for completion by the end of 2017. The luxury development will host a 1.7 million sq ft. complex and will be framed landscaped gardens. With 100 rooms and suites, 20 residential villas and a marina, the residents will be additionally pampered with a full range of luxury amenities.
According to REIDIN’s historical statistics, this penthouse is the most expensive penthouse transaction to date, only followed by a penthouse on Fairmont the Palm that sold at AED 42 million in December 2012.
Top 5 most expensive penthouses sold
|Development||Price (AED)||Price (AED/sqft)||
|BVLGARI Resorts & Residences||60,000,000||4,285||14,000||8 Feb 2017|
|The Fairmont Palm Residences||42,000,000||2,583||16,262||11 Dec 2012|
|The Fairmont Palm Residences||42,000,000||1,254||33,503||26 Jun 2013|
|Le Reve Tower||38,000,000||2,648||14,329||9 Apr 2013|
|Volante||36,000,000||3,332||10,806||21 Mar 2017|
Source: REIDIN/ Land Department, Luxhabitat Analysis, May 2017
Luxury Sales Director, Alexander Von Sayn Wittgenstein, who brokered the deal said, “This penthouse is very special because it has 270 degree views of Downtown Dubai and the sea. It’s the largest penthouse I’ve ever come across for a branded development in Dubai.” Other branded developments that host penthouses include Armani Residences, Kempinski Hotels & Resorts, The Fairmont Palm Residences and Palazzo Versace. Branded developments can demand up to a 46% premium in terms of prices per square feet, according to a Luxhabitat analysis in 2015. It was also found that these branded residences have an inelastic price and higher investment returns.
CEO, Oriol Font adds, “Luxhabitat is proud to have closed a transaction of this magnitude, further underlining our presence as the experts in Dubai’s luxury real estate market. Alexander has been with the company since our foundation in 2009 and a strong team member since then. He is one of the few agents in town specializing in the penthouse market, has access to all quality-driven penthouses in town, both from the secondary market and also from the most prestigious developers and this makes him provide expert advice to all our clients looking to sell or buy a large apartment.”