A strong growth predicted for Dubai’s luxury real estate market
Dubai real estate is all about glitzy apartment developments, swankiest villas, scenic beach views and extravagant lifestyle. The city is a perfect blend of nature, urbanization and all kinds of facilities. From trendy downtown Dubai to the magnificent Palm Jumeirah; from pristine desert landscapes to glistening waters, there’s plenty of variety in this emirate, which never fails to amaze us.
With the policies and regulations implemented by Dubai authorities, Real Estate Dubai always remains an attractive investment option for investors. The city is growing at a rapid pace and many projects are being launched in Dubai to put up new homes. Properties in areas such as Downtown Dubai, Palm Jumeirah and Dubai Marina have always garnered higher demand and increased the return on investment.
Recently, a property developer is gearing to unveil an AED180 million worth penthouse in Dubai, in a soon-to-be delivered ultra-luxury development – the Royal Atlantis Resort and Residences.
Spread over 25,000 sq. ft. it is expected to be the costliest penthouse in the market. Interestingly, it has already received a number of queries from wealthy investors, who are planning to be a part of Dubai real estate sector. “Though the deal is not yet closed but soon after the launch or right before the completion date of the project, the deal can take place,” according to a real estate expert.
No matter, when the deal will be closed but one thing is sure, it will be the costliest penthouse transaction in Dubai. The residential wing of the twin-structure development is expected to be complete around the third quarter – while the hotel building will be completed in the fourth quarter of 2022.
“Except the super-penthouse, all 230 residences have been sold,” said Timothy Kelly, Executive Vice-President and Managing Director of Atlantis Dubai. While describing the ultra-luxury penthouse Kelly said that currently, it is listed at AED180 million and it will be the most stunning penthouse in entire Dubai. The super-penthouse is spread over 25,000 sq. ft. and features three floors and two outdoor terraces with pools.
It is noteworthy that another unit of this development is sold in April 2022 for AED41 million and it is the second costliest apartment. One at Palm, Dorchester Collection, where two of the costliest penthouses were sold in the recent past. The Palm has lately been a popular choice, when it comes to investing in costlier properties not least a Dh280 million one for a villa, easily the priciest deal in the city to date.
A large number of real estate experts believe that the demand for prime and super-prime properties continues to be incredibly strong this year, both from local and international buyers. With recent changes in the Golden Visas programme, 100% business ownership offer and other reforms introduced by the UAE government, Dubai has positioned itself as a city where people would seek a long-term future now; thus investing in homes – either as a holiday destination to spend three or four months out of the year, or as a new primary residence.
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