Palm Jumeirah's Royal Atlantis Breaks Records at Dh12,387 per Square Foot

The highest price per square foot ever recorded for a property on Palm Jumeirah was achieved with the sale of a three-bedroom duplex unit in the Royal Atlantis, fetching a staggering Dh44 million. This transaction, which equates to Dh12,387 per square foot, now stands as the second highest in Dubai, narrowly trailing behind the Dh13,543 per square foot sale of an apartment in the Bulgari Resort and Residences.

What makes this deal even more intriguing is that it was made by a relatively inexperienced Russian investor. The firm responsible for orchestrating the sale, Penthouse.ae, has issued a statement reaffirming the agreement.

Petri Mannila, Head of Luxury at Penthouse.ae, emphasized the significance of this landmark transaction: "This landmark deal further underscores the continued interest in branded residences, including iconic names like SLS Residences, Armani, Six Seasons, and the Royal Atlantis. High-net-worth individuals, entrepreneurs, institutional investors, and family property funds are driving demand for luxury properties north of AED 20M, resulting in a shortage of available units for both end-users and investors in the market."

Mannila went on to add, "With supply constrained and prices maintaining an upward trajectory, the current window of investment opportunity is exceedingly promising."

Dubai's luxury property market has experienced substantial double-digit growth in the first half of this year, with a positive outlook projected for the next 3-5 years, as noted by Petri Mannila of Penthouse.ae.

A surge in High-Net-Worth Individuals (HNWIs) from around the world has contributed to a spectacular surge in demand for luxury real estate in Dubai. As the market approaches the midpoint of 2022's first-quarter milestones, it is evident that the momentum has carried over into 2023.

The number of ultra-luxury residences priced at Dh15 million or more has quadrupled since the beginning of the year, and experts foresee this market continuing to expand.

Olga Mannila, the agent responsible for brokering the record-breaking deal, stated, "The Royal Atlantis has witnessed an extraordinary increase in prices, surpassing 150 percent since its launch. Beyond its prestigious address, these units offer buyers good value for money besides an unmatched lifestyle with a host of exquisite features and amenities."