A penthouse planned at Dubai’s Marsa Al Arab Hotel has sold for AED 420 million (US$114 million), making it the most expensive residential property ever sold in the city. The 24,628-square-foot abode will occupy the top level of the 13-story hotel, and offer 17,000 square feet of outdoor space with a private pool and 360-degree ocean vistas of Dubai, according Sotheby’s. It will also have a dedicated lobby and two private elevators.
The Marsa Al Arab Hotel’s design was influenced by futuristic superyachts, and a newly constructed superyacht marina is located nearby. It will have 386 rooms and suites and four penthouses, as well as 83 apartment suites. Landscaping includes several gardens, green terraces, private cabanas and pools, spas and wellness facilities, as well as more than 10 restaurants and bars.
Dubai’s luxury housing market continues to buck the downward trend most international cities have seen since the end of the pandemic real estate boom last summer. The city has seen a number of record deals so far this year, including the sale of an apartment in the Bulgari Lighthouse for AED 410 million. Plus, Dubai has seen prices spike by 149% since the pandemic began in March 2020, according to Knight Frank’s Global Cities Index for the first quarter. Year over year, prices were up 44.2%, rising over 30% more than Miami, which ranked second on Knight Frank’s list with an 11% price growth.