Dubai’s Most Expensive Property in Burj Khalifa District Sold for Dh139 Million
Dubai’s Robust Real Estate Performance
Private luxury property developer Omniyat announced on Thursday the sale of a penthouse for Dh139 million ($37.8 million) in the Burj Khalifa district, setting a new record for the area. This four-bedroom penthouse, located at the newly opened The Lana Residences, Dorchester Collection, spans over 16,594 sqft and overlooks the Marasi Marina between the Burj Khalifa District and the Dubai Design District.
Growth in Dubai's Luxury Property Market
Dubai’s luxury and branded property market has experienced significant growth over the past three years, driven by an influx of high-net-worth individuals to the city.
Market Statistics
According to Knight Frank’s latest report:
– 56 properties valued at over $25 million were sold in Dubai last year.
– An additional 12 properties of similar value were sold in the first quarter of this year.
Global Ranking
Dubai consistently ranks as the top city for luxury property sales:
– 431 properties sold last year valued at over $10 million.
– This places it ahead of London (240), New York (211), Hong Kong (163), and Los Angeles (161).
Record-Breaking Sales by Omniyat
Previously, Omniyat’s penthouse atop One at Palm Jumeirah, Dorchester Collection, Dubai, was sold for Dh102 million in 2017, becoming one of the most expensive properties ever sold in the UAE at the time. This record was surpassed by the sale of the Sky Palace at AVA at Palm Jumeirah for Dh220 million in 2023.
Mahdi Amjad's Statement
This is more than just a property; it’s a sanctuary in which every detail has been thoughtfully curated to evoke a sense of harmonious balance,” stated Mahdi Amjad, founder and executive chairman of Omniyat.
Acquisition of Marasi Bay Marina
Omniyat recently acquired Marsai Bay Marina from Business Bay LLC, marking a significant milestone for the company.
Significance of the Acquisition
The acquisition of Marasi Bay Marina represents a once-in-a-generation transformation of the area, with its prime location close to Downtown. The unique characteristics of the location will allow us to craft an exclusive, conceptual lifestyle destination unseen in Dubai,” said Amjad.
