Dubai Marina penthouse for sale; Price: Dh38 million

Dubai Marina is house to some of the tallest residential towers in the world which have many of the priciest penthouses in the emirate with price tags going as high as Dh38 million.

Better Homes, a real estate consultancy, has a six-bedroom penthouse listed at Dh38 million in Le Reve in Dubai Marina, while another in the Marina district is listed for Dh32 million.

Elysian Real Estate has listed one in Ocean Heights for Dh31 million, while PropSquare Real Estate is selling a fully furnished unit in Marina View Towers for Dh20 million.

Property agents admit that the number of buyers is quite limited for such a niche product; they say penthouses do sell if sold at the “right” price.

“It is not difficult to sell penthouses; rather, the sale of penthouses has been low in number because most buyers in the market are end users and, in most cases, financed,” Hannah Bakshani, Senior Residential Sales Consultant, Green Community Office, Better Homes, told 'Emirates 24/7'.

In general, penthouses sell at a high price, averaging between Dh6 million and Dh15m, and most buyers currently don’t have the income to cover these rates of mortgage and down payments. Hence, sales transaction numbers have dropped be it for cash or mortgage buyers.

Better Homes, which claims to have sold four penthouses in the past one year, says penthouse owners are also quite flexible since the line of buyers is low and service charges are high.

“Some owners are adhering to the state of the penthouse market and staying flexible on price negotiations for their units.”

Faisal Baig, Director, PropSquare Real Estate, however, says that penthouse owners tend not to lower their prices as they have the capacity to hold on to their investments. “Sometimes, the owners ask for a ridiculous price… but penthouses do sell if the price is right,” he states.

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