77,707 square-foot luxurious Dubai super-penthouse listed for $163 million!
Dubai's real estate market reaches new heights with the listing of the Super Penthouse R1 at Raffles The Palm Dubai Residences for a staggering DH600 million ($163 million). This luxurious 77,707 square-foot property, owned by Emerald Palace Group (EPG), occupies the top three floors and rooftop of the building. Seran Gheorghe, EPG's vice president and director of sales for Raffles The Palm Dubai Residences, believes this sale will be a "significant milestone in the history of Dubai real estate."
The penthouse offers luxurious amenities
The opulent eight-bedroom Super Penthouse R1 boasts a private elevator, indoor/outdoor cinemas, a gym, basketball court, spa and wellness area with a cryogenic room, a hay relaxation room, an outdoor pool, barbecue area, a mini golf course within a meditation garden, a cigar lounge, and a bar with a 360-degree view of the Arabian Gulf. The property also features a central terrace for hosting large gatherings and a dining room with a Teppanyaki kitchen that can accommodate 20 guests.
Dubai's luxury property market has seen record-breaking sales
The luxury category has been driving the rise of the local property market. Previously, a record-breaking DH500 million sale occurred in November for a five-bedroom penthouse at Como Residences in Palm Jumeirah. This 22,000-square-foot property includes a private lift and floor-to-ceiling windows. In June 2023, Bugatti Residences by Binghatti's Sky Mansion Penthouse was listed for an astounding DH750 million, although the penthouse's size remains undisclosed.
Rising demand for luxury properties
According to many predictions, the price increase of luxury residential homes in Dubai is expected to soar in the future years, establishing the Emirate as a prominent player in the global real estate market. Reports suggest that home prices in Dubai's prime areas—which include the Palm Jumeirah—are predicted to increase by 5%, while those in non-prime markets are predicted to increase by 3.5%.
The property will be handed over in 15 months
Gheorghe was quoted saying that this super-penthouse "holds special significance, considering Dubai's recent central positioning in the global real estate market and a growing demand for luxury properties by numerous ultra-high-net-worth individuals." Furthermore, potential homeowners can customize this unique super-penthouse by selecting extraordinary features to make it their little paradise. Reportedly, the handover will be done 15 months from the date of the booking.
