A Novice Russian Investor Has Purchased The Property

A three-bedroom duplex apartment at the Royal Atlantis on Palm Jumeirah has broken records with a price tag of Dh44 million translating to an astonishing Dh12387 per square foot. This remarkable deal ranks as the second-highest in Dubai, just trailing behind an apartment in the Bulgari Resort and Residences. Which fetched Dh13543 per sq. ft. The buyer of this prestigious property is a first-time Russian investor. Penthouse.ae, the entity responsible for facilitating this transaction, officially confirmed the deal with a statement.

Petri Mannila, Head of Luxury at Penthouse.ae, commented on the significance of this transaction, stating, “This landmark deal further underscores the continued interest in branded residences. Including iconic names like SLS Residences, Armani, Six Senses, and the Royal Atlantis. High-net-worth individuals, entrepreneurs, institutional investors, and family property funds are driving demand for luxury properties north of AED 20M. Resulting in a shortage of available units for both end-users and investors in the market. With supply constrained and prices maintaining an upward trajectory, the current window of investment opportunity is exceedingly promising.”

The surge in demand for luxury real estate in Dubai has been nothing short of remarkable. Propelled by an influx of High Net Worth Individuals (HNWIs) from across the globe. This momentum has continued well into 2023, with the market poised to replicate the achievements of 2022 within the first quarter alone.