Dubai continues to dazzle as the world’s premier luxury real estate destination. Recently, an opulent four-bedroom penthouse at The Lana Residences, Dorchester Collection, sold for AED 139 million (USD 37.8 million).
This sale marks the most expensive property transaction ever in the Burj Khalifa district. Spanning over 16,594 sq. ft., the penthouse offers breath-taking views of the Marasi Marina, nestled between the Burj Khalifa District and Dubai Design District.
Amazing Growth
Dubai’s luxury real estate market has experienced remarkable growth over the past three years. High-net-worth individuals are flocking to Dubai, attracted by its promising ready and off plan properties. Knight Frank’s latest report highlights this trend. Last year alone, 56 properties valued at over $25 million were sold. The first quarter of this year has already seen 12 such sales.
Dubai is a top global property investment destination, having achieved 431 luxury transactions worth $10 million-plus last year. This places it ahead of London, New York, Hong Kong, and Los Angeles. Omniyat, a renowned private luxury property developer, continues to set records. In 2017, it sold a penthouse at One at Palm Jumeirah for Dh102 million. Last year, it broke another record with the sale of the Sky Palace at AVA at Palm Jumeirah for Dh220 million.