7.18 AM 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

Most expensive apartments in Dubai: Start at Dh55 million

By Parag Deulgaonkar

Global high net-worth individuals spent billions of dirhams to buy luxury properties in Dubai, with Burj Khalifa, the world’s tallest tower, topping the apartment sales list in 2014 with a Dh60 million deal.

A market analysis done by Luxhabitat, a Dubai-based real estate brokerage firm, found that maximum number of properties above Dh5 million were sold in Downtown Dubai last year followed by Dubai Marina and Palm Jumeirah. Now, they have released the costliest apartments in their database (see below).

MAG 214, Jumeirah Lake Towers (Dh80 million)

The costliest penthouse listed by the consultancy is 18,478 square feet penthouse in MAG 214 with 6 bedrooms and 8 bathrooms. There is a private elevator, reception service, 18 allocated parkings, private sauna, gymnasium and games room.

Le Reve, Dubai Marina (Dh72 million)

(Pic credits: Luxhabitat)

Second on the list is a four-bedroom penthouse in Le Rêve (French for ‘The Dream’) priced at Dh72 million, which has a 500 square feet sky terrace. The unit offers full sea and Palm Jumeirah view.

Elite Residence, Dubai Marina (Dh55 million)

(Pic credits: Luxhabitat)

At third place is an apartment, covering the whole top floor of Elite Residences. The 4 bedroom, 6 bathroom apartment covers an area of 12,468 square feet. It has 6 allocated parkings, private and communal gymnasium, offering panoramic views of Burj Al Arab, Marina and Palm Jumeirah.

A straightforward comparison of these properties on the price front with the world’s costliest ones reveals the former are far, far cheaper.

In fact, the Wealth Report 2013, produced by UK-based Knight Frank, reported that Dubai’s prime luxury properties were over 10 times lower than Monaco, the world’s most expensive residential property market.

The list of most expensive apartments in the world by US-based Lincoln Property Company, include a Dh1.47 billion ($400 million) penthouse in Monaco and a Dh173 million ($47 million) New York apartment with a lap pool.