The Jumeirah Group, an Emirati state-owned luxury hotel chain, confirmed the sale of the penthouse of its branded residence in the soon-to-be-built Jumeirah Marsa Al Arab. Selling for $115 million, the unit is now the most expensive apartment in Dubai sold to date.
Katerina Giannouka, chief executive officer of Jumeirah Group, said in a statement. “Our residences at Jumeirah Marsa Al Arab are clearly an attractive proposition for our investor audience and we are delighted to bring such unique residential concepts that redefine the art of luxury living to Dubai’s landscape.”
Currently, the Jumeirah Marsa Al Arab, designed by architect Shaun Killa, is expected to open in Q4 of 2023. The hotel is marketed as “superyacht-inspired opulence” and will include 387 rooms and suites, 82 luxury residences, and an 82-berth superyacht marina.
The record-setting penthouse spans 27,000 square feet, including 13,000 square feet of outdoor space and a private pool. The private sale also included three other penthouse apartments and 17 additional residences.
The most expensive apartment in Dubai represents the pinnacle of the ever-expanding luxury market in the city. According to Hotelier, Dubai currently has the largest concentration of branded residences, with the market expected to grow by 72% until 2030.
