12.47 PM Tuesday, 25 June 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:00 05:27 12:24 15:45 19:16 20:43
25 June 2024

Record-Breaking Sale: Dubai's Real Estate Market Witnesses Historic Transaction with AED 420 Million Apartment

By E247

Dubai's real estate market has set a new record today with the sale of the most expensive apartment in the history of the emirate's property market, valued at AED 420 million, in the luxurious Jumeirah Mina Al Arab project adjacent to the Burj Al Arab Hotel.

The apartment spans an area of 24,628 square feet, making the price per square foot AED 17,000.

This transaction surpasses the Bulgari Resort & Residences penthouse, which was sold this year for AED 410 million, as the most expensive apartment sold in Dubai.

The apartment in Mina Al Arab was sold by Luxhabitat Sotheby's International Realty.

On another note, an apartment in Dubai was sold for AED 50 million within just 3 days of its launch, indicating a rising demand for luxury properties in Dubai to unprecedented levels.

The apartment is located in an under-construction project in the Jumeirah Beach Residence area, named "Five Lux JBR."