Unfinished Luxury Penthouse Sells for Record-Breaking Price in Dubai's Palm Jumeirah
The unfinished penthouse located at Como Residences, a 71-story tower in exclusive Palm Jumeirah, sold for a whopping $136 million, setting a new record for the Dubai luxury real estate market. Palm Jumeirah, an archipelago of artificial islands famed for designer villas, upscale hotels, and pristine beaches, spans over 560 hectares and houses approximately 80,000 inhabitants.
The latest attraction in Palm Jumeirah is the Palm Tower, a 52-story, 760-foot-tall (232-meter) skyscraper housing hotels and private residences with a 360-degree observation deck showcasing breathtaking views of Palm Jumeirah's Palms and the Dubai coastline. The Como Residences is currently under construction, with Provident Estate, the Dubai-based real estate agency managing the sales, announcing the completion awaited till the end of 2027.
New Real Estate Records
The previous record for penthouse sales in Dubai was set only a few months back when a penthouse in Marsa Al Arab Hotel was sold for an impressive 420 million AED ($114 million US). The Como Residences penthouse, boasting a 360-degree sky pool, ranks as the world's third-most expensive penthouse, trailing behind the Penthouse D at One Hyde Park in London, sold for $237 million US, and the Odeon Tower penthouse in Monaco fetched $440 million US.
The Provident Estate spokesperson revealed that the penthouse's strategic location in Dubai and its breathtaking views of the Burj Al Arab, the world's tallest building, the Burj Khalifa, and Dubai Marina, made it an attractive buy. However, the identity of the buyers remains confidential, mentioning only that they were from Eastern Europe.
The Future of Luxury Real Estate in Dubai
Situated on one of the world's most active and competitive luxury real estate markets, the unfinished Como Residences penthouse sale further substantiates Dubai's status as a global attraction for ultra-high net worth investors seeking trophy assets. Its unique location, world-class amenities, and limited availability provide a strong pull for prospective buyers, able to prioritize lengthy waits for their dream investments.
- Renowned Architecture and Aesthetics: Palm Jumeirah offers a diverse mix of architectural wonders, from the iconic Atlantis, The Palm, to the luxurious Jumeirah Zabeel Saray.
- Prime Location and Unobstructed Views: The Palms and Dubai's breathtaking skyline, coupled with the turquoise waters and pristine beaches of the Arabian Gulf, make Palm Jumeirah an irresistible haven for luxury living.
- World-Class Amenities: Residents of Palm Jumeirah can enjoy world-class dining, shopping, and entertainment experiences at The Pointe, Nakheel Mall, and various beach clubs.
- Leisurely Lifestyle and Adrenaline Pumps: With water sports, skydiving, and even a drive-in cinema on offer, Palm Jumeirah offers something for everyone seeking to unwind or indulge in high-energy activities.
- Tourist Attractions: Apart from high-end living, the development also serves as a tourist destination, offering attractions like Aquaventure Waterpark, the Lost Chambers Aquarium, and Talise Ottoman Spa.
