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Jumeirah penthouse sale at record price boosts Dubai's real estate market

by Trans World Features | @twfindia 28 Aug 2023, 04:25 am

Creating record of sorts in Dubai's real estate market, the Jumeirah Group, a prestigious Emirati state-owned luxury hotel chain, has officially announced the sale of its penthouse unit within the Jumeirah Marsa Al Arab branded residence, currently under construction.

The staggering sale price of $115 million has now become the highest-ever recorded residential sale in Dubai.

Katerina Giannouka, the Chief Executive Officer of Jumeirah Group, expressed her excitement about this milestone, stating, "Jumeirah is committed to expanding its portfolio of branded residences to cater to the growing demand for our unique living concepts and exceptional service standards. Our residences at Jumeirah Marsa Al Arab offer an alluring proposition to our investor audience, redefining the art of luxury living in Dubai's landscape."

At the heart of Dubai's most exclusive private beach, the Jumeirah Marsa Al Arab brings together an architecturally designed hotel and residences, a superyacht marina, and an array of unique dining and lifestyle experiences.

This remarkable development includes integrated wellness and leisure destinations that exemplify the Group's expertise in design, service excellence, well-being, and culinary craftsmanship.

The private sale featured four exquisite penthouses and 17 luxury residences at Jumeirah Marsa Al Arab, with the highest-floor penthouse leading the way by fetching an astonishing $115 million, setting a record-breaking price per square foot of over $4,200. Encompassing a sprawling 27,000 square feet, the penthouse boasts over 13,000 square feet of outdoor living space, complete with a private pool and breathtaking 360-degree ocean vistas.

The company said the "event underscores the undeniable strength of Dubai's property market and highlights the highly competitive nature of the Jumeirah Branded Residence product."

"It serves as a resounding message that Jumeirah is well-positioned to expand its portfolio further, offering equally attractive opportunities in the future," the company said in a release.