A brand-new penthouse in Dubai sold for Dh550 million ($150 million), the highest price in the UAE and the Middle East. The city’s real estate industry is still setting records.
The 47,200-square-foot home, which was sold at Bugatti Residences by Binghatti in Business Bay, fetched Dh11,650 per square foot, the highest price per square foot in Business Bay, according to the developer on Friday.
Nakheel’s 71-story Como Residences tower on the Palm Jumeirah, which is expected to be finished in the third quarter of 2027, previously held the record for the most expensive penthouse sold in Dubai.
“Year-to-date, we have achieved the number-one position in Dubai’s real estate market, with more than 14,000 units sold, surpassing both public and private peers. As Dubai’s fastest-growing real estate player, Binghatti has now risen into the top three developers in the city, commanding a significant share of the market according to the latest Dubai Land Department figures,” said Muhammad Binghatti, chairman of Binghatti.
However, the buyer’s identity was kept a secret by the developer. According to industry experts, branded homes also provide investors and end users with significantly larger returns.
Dubai: Home of global celebrities
Super-rich people from all over the world, including athletes and celebrities, are drawn to the opulent mansions.
Celebrities that have bought apartments in the Bugatti Residences by Binghatti include international football player Aymeric Laporte, Italian tenor Andrea Bocelli, and football star Neymar Jr., according to Binghatti.
Celebrities have also bought homes in developments created by companies like Nakheel, Danube, Amali, and Damac.
According to Binghatti, its iconic Sky Mansion penthouses have unique facilities and outstanding seclusion.
“Luxury real estate is evolving. A home is no longer simply where you live, but a reflection of identity and aspiration. In Dubai, branded residences already command around a 40 per cent premium compared to traditional homes, and with more than 140 projects set for delivery by 2031, the city is clearly leading a global shift in how we live and invest,” Louis Harding, CEO at Betterhomes, has said.
