Dubai penthouse sells for record $136 million | CNN

Yet-to-be-built Dubai penthouse sells for record $136 million

Jacopo Prisco
By Jacopo Prisco, CNN
3 minute read
Updated 8:26 AM EST, Tue December 5, 2023
An artist's impression of a 22,000-square-foot penthouse with a private pool that was sold in Dubai for 500,000 UAE dirhams ($136 million). It won't be built until 2027.
An artist's impression of a 22,000-square-foot penthouse with a private pool that was sold in Dubai for 500,000 UAE dirhams ($136 million). It won't be built until 2027.
Nakheel Properties and Provident Estate
The penthouse, shown in this artist's impression, set a new record for the Dubai real estate market, one of the busiest in the world when it comes to luxury properties
The penthouse, shown in this artist's impression, set a new record for the Dubai real estate market, one of the busiest in the world when it comes to luxury properties
Nakheel Properties and Provident Estate
The apartment sits atop the Como Residences skyscraper, which is projected to be taller than 300 meters (984 feet) once built, meeting the definition of "supertall."
The apartment sits atop the Como Residences skyscraper, which is projected to be taller than 300 meters (984 feet) once built, meeting the definition of "supertall."
Nakheel Properties and Provident Estate
The skyscraper will feature multiple swimming pools, padel courts, squash courts, a gymnasium, a spa and wellness center and a 360-degree viewing deck.
The skyscraper will feature multiple swimming pools, padel courts, squash courts, a gymnasium, a spa and wellness center and a 360-degree viewing deck.
Nakheel Properties and Provident Estate
An artist's impression of the penthouse, which will be accessed via a private elevator, for privacy.
An artist's impression of the penthouse, which will be accessed via a private elevator, for privacy.
Nakheel Properties and Provident Estate
An artist's impression of the interiors of the penthouse, designed with luxury finishings and thermally insulated windows, as well as smart home features.
An artist's impression of the interiors of the penthouse, designed with luxury finishings and thermally insulated windows, as well as smart home features.
Nakheel Properties and Provident Estate
The apartment will be located on Palm Jumeirah, a set of artificial islands off the coast of Dubai that was built just over 20 years ago.
The apartment will be located on Palm Jumeirah, a set of artificial islands off the coast of Dubai that was built just over 20 years ago.
Nakheel Properties and Provident Estate
$136M penthouse sale marks new record for Dubai

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CNN  — 

A five-bedroom penthouse covering almost 22,000 square feet has sold in Dubai for 500 million UAE dirhams — just over $136 million — setting a new record for one of the world’s busiest luxury real estate markets.

Set atop a 71-story tower called Como Residences, the yet-to-be-built apartment is located on the exclusive Palm Jumeirah, an archipelago of artificial islands known for its designer villas, upscale hotels and beach clubs with infinity pools.

Built just over 20 years ago, the archipelago spans an area of 560 hectares (1,380 acres) and is home to about 80,000 people. Its newest attraction is the Palm Tower, a 52-story, 760-foot-tall (232-meter) hotel and private residence skyscraper with a public, 360-degree observation deck right at the top, offering stunning views of the Dubai coastline.

The Como Residences are currently under construction and Provident Estate, the Dubai agency that brokered the sale, says it anticipates completion by late 2027 — meaning the buyer of the penthouse will have to wait at least three more years before they can enjoy their purchase.

Record sales

The previous record for a penthouse sale in Dubai dates back just a few months, when an apartment occupying the top floor of the Marsa Al Arab Hotel sold for 420 million UAE dirhams (about $114 million). According to Provident Estate, the penthouse at Como Residences is the third most expensive in the world, after Penthouse D at One Hyde Park in London, priced at $237 million, and the Odeon Tower Penthouse in Monaco, priced at $440 million.

The Como Residences penthouse features a 360-degree sky pool, and is in a “strategically located” spot in Dubai with views of Burj Al Arab, Burj Khalifa – the world’s tallest building – and Dubai Marina, Sam Horani, an associate partner at Provident Estate, told CNN. Horani said the agency won’t reveal the identity of the buyer, but adds “they are from Eastern Europe.”

The Palm Jumeirah is an artificial set of islands off the coast of Dubai's mainland. This aerial view from a hydroplane shows the palm tree shape, surrounded by a crescent breakwater that protects the islands from high winds and waves.
The Palm Jumeirah is an artificial set of islands off the coast of Dubai's mainland. This aerial view from a hydroplane shows the palm tree shape, surrounded by a crescent breakwater that protects the islands from high winds and waves.
Shutterstock
Construction on the project began 20 years ago, in June 2001. No steel or concrete was used to form the islands. Instead, developer Nakheel used sand and rock. Here, the breakwater crescent is being built in 2003.
Construction on the project began 20 years ago, in June 2001. No steel or concrete was used to form the islands. Instead, developer Nakheel used sand and rock. Here, the breakwater crescent is being built in 2003.
From Nakheel
Today, the Palm is home to luxury hotels, pristine beaches and nearly 80,000 people, according to Nahkeel.
Today, the Palm is home to luxury hotels, pristine beaches and nearly 80,000 people, according to Nahkeel.
Karim Sahib/AFP/Getty Images
Atlantis, The Palm is a luxury hotel resort situated at the apex of the archipelago.
Atlantis, The Palm is a luxury hotel resort situated at the apex of the archipelago.
Karim Sahib/AFP/Getty Images
The Atlantis resort was the first to be built on the Palm, and opened in September 2008.
The Atlantis resort was the first to be built on the Palm, and opened in September 2008.
Shutterstock
Palm Jumeirah also boasts the first monorail in the Middle East, which opened in April 2009, and connects the Palm to Dubai's mainland.
Palm Jumeirah also boasts the first monorail in the Middle East, which opened in April 2009, and connects the Palm to Dubai's mainland.
Giuseppe Cacace/AFP/Getty Images
Aerial views of the Palm were typically reserved for helicopter tours or those willing to skydive out of a plane. You could also catch a glimpse from Dubai's mainland, like this view of the islands behind the Burj Al Arab.
Aerial views of the Palm were typically reserved for helicopter tours or those willing to skydive out of a plane. You could also catch a glimpse from Dubai's mainland, like this view of the islands behind the Burj Al Arab.
Shutterstock
In April, a new way to see the islands opened, with the 52-story observation deck, The View at The Palm Jumeirah.
In April, a new way to see the islands opened, with the 52-story observation deck, The View at The Palm Jumeirah.
Kamran Jebreili/AP
Other attractions include the Palm Fountain, which broke a Guinness World Record as the worlds' largest fountain last year.
Other attractions include the Palm Fountain, which broke a Guinness World Record as the worlds' largest fountain last year.
Karim Sahib/AFP/Getty Images
Dubai's famed Palm Jumeirah turns 20

According to its developer, Nakheel, the Como Residences tower will be over 300 meters (984 feet) tall, meeting the definition of supertall skyscraper. Limited to just 76 apartments, from two to seven bedrooms, it includes an elevated private sandy beach, a 25-meter lap pool and a rooftop infinity pool. Each floor is occupied by one or two residences only, served by private elevators. The starting price for the units was set at 21 million dirhams, about $5.7 million.

“A trophy asset”

“It’s a very exclusive property, it’s very much a trophy asset,” says Chris Boswell, a Dubai-based luxury real estate agent who was not involved with the sale. He adds that due to the limited availability of properties like this, he’s not surprised someone is prepared to wait years for it. “There aren’t any real large-scale penthouses like that, unless you go for something that is off plan, meaning under construction. And people are prepared to wait that long for the best ones.”

Boswell, who has brokered sales of up to $55 million in the region, says there has been a shift in the type of buyers in the last few years. “We’re seeing a lot more people now who are buying to live here,” he says. “For many years, we were predominantly dealing with speculative investors, but now Dubai is not the same landscape as it was before; it’s not full of cranes and construction, and people are coming here to live now. I’m seeing a lot more inquiries coming from the United States, from Italy, from France, from the UK.”

He adds that one of the factors that motivates people to move to the area is safety. But when it comes to the asking price for a penthouse, the view is one of the key drivers. “The view is of massive importance,” he says. “And the view from this specific penthouse will be unmatched.”

Editor’s Note: This story has been updated to include the name of the Provident Estate spokesperson.