Dubai: Middle East's Most Expensive Penthouse Sold For Dh550 Million

Dubai's real estate market continues to set records as a new penthouse has been sold for Dh550 million ($150 million), the most expensive not just in the UAE but across the Middle East.

The unit, spanning 47,200 sqft, was sold in Bugatti Residences by Binghatti, which is located in Business Bay, achieves Dh11,650 per square foot rate, which is the highest per sq ft price in Business Bay, the developer said on Friday.

The previous record of the most expensive penthouse sold in Dubai was achieved by Nakheel's 71-storey Como Residences tower on the Palm Jumeirah, which is scheduled to be completed in the third quarter of 2027.

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“Year-to-date, we have achieved the number-one position in Dubai's real estate market, with more than 14,000 units sold, surpassing both public and private peers. As Dubai's fastest-growing real estate player, Binghatti has now risen into the top three developers in the city, commanding a significant share of the market according to the latest Dubai Land Department figures,” said Muhammad Binghatti, chairman of Binghatti.

The developer, however, didn't disclose the name of the buyer. Industry insiders say that branded residences also offer much higher returns to investors and end-users.

The uber-luxury properties are attracting super-rich from around the world, including celebrities and athletes.

Binghatti said football superstar Neymar Jr., Italian tenor Andrea Bocelli, and international footballer Aymeric Laporte are among the celebrities who have purchased units in the Bugatti Residences by Binghatti.

In addition, celebrities have also purchased properties in projects developed by Damac Properties, Danube Properties, Amali Properties, and Nakheel among others.

Binghatti said its signature Sky Mansion penthouses include exceptional privacy and bespoke amenities.

“Luxury real estate is evolving. A home is no longer simply where you live, but a reflection of identity and aspiration. In Dubai, branded residences already command around a 40 per cent premium compared to traditional homes, and with more than 140 projects set for delivery by 2031, the city is clearly leading a global shift in how we live and invest,” Louis Harding, CEO at Betterhomes, has said.

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