Dubai’s luxury housing prices are rising, yet a £19 million penthouse is still being picked up by a European buyer.
A £19 million penthouse has been sold in Dubai to a European bidder, as increased demand for luxury houses causes property prices to rise by over 12%.
Dubai, which is known for its opulent lifestyle, saw a huge increase in the sale of high-end residences during the epidemic, with a surge in demand sending property prices up 11.8 percent this year. Frank de Baat, the owner of My Island Real Estate, spoke exclusively to This website about the consequences of the city’s property boom, which included the selling of a £19 million penthouse.
Dubai closed its borders to all foreign tourists at the start of the pandemic and enforced a three-month late-night curfew in the city.
Due to the restrictions on movement, luxury villas with exclusive access to private beaches and swimming pools were in high demand among the super-rich.
High-end residences were picked up by cash-rich buyers from the city’s neighboring states of the United Arab Emirates and Saudi Arabia.
Foreign purchasers rushed the property market after the city reopened its borders to tourists, purchasing luxury houses all throughout the city.
“First, it was Middle Eastern purchasers who bought luxury property, then it was European buyers who were stuck in their own countries and couldn’t do anything – couldn’t go to a restaurant or the cinema – and so came to Dubai, and it was more or less business as usual,” Mr de Baat explained.
A Dutch family was among the European buyers, having paid £19 million for a penthouse on the city’s elite Palm Jumeirah, which is situated on a manmade tree-shaped island.
The Palme Couture Royal Penthouse’s four-bedroom apartment has a rooftop patio and swimming pool, a private beach, a personal chef, a gym with an in-house personal trainer, a driver, and a 24-hour concierge service.
A three-bed guest home is also available on the site.
Villas have proven to be the most popular option of luxury residences, according to Property Monitor, a website that analyzes Dubai’s real estate data, with one property on the exclusive Jumeirah Bay Island selling for more than £24 million last month.
The city’s tax-free status, according to Mr de Baat, has made it a popular destination for overseas buyers and investors.
“Our tax situation is quite advantageous; in some locations, there is no tax at all,” he says. “Brinkwire News in Condensed Form.”