Record-breaking penthouse sells for eye-watering amount
Published on May 31, 2023 at 2:39 PM (UTC+4)
by Alessandro Renesis
Last updated on Apr 02, 2024 at 3:52 PM (UTC+4)
Edited by
Kate Bain
The most expensive penthouse in Dubai just sold for Dh220 million – close to $60 million at today’s rate.
And the crazy part is the penthouse was sold shell-and-core, which is real estate jargon for… empty.
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Located at the top of AVA residential building on Palm Jumeirah, the record-breaking penthouse spans four stories and offers more than 33,000 square feet of space.
Among other things, it includes a 360-degree infinity pool, a 200-meter indoor garden and a beautiful roof terrace.
With some exceptions, the rest of the penthouse is empty, or perhaps we should say ‘unfurnished’, because the new owner wanted to customize every detail.
Ava, part of Palm Jumeirah, is one of the hottest buildings in the United Arab Emirates right now.
Partly due to its location, and partly because it only comprises 17 residences, making it even more valuable because of its exclusivity.
Each residence features at least one swimming pool, floor-to-ceiling windows and, of course, five-star amenities.
This particular project came together because of the creativity and vision of top firm SOMA and its team of architects, led by Michael Abboud.
Even amongst the eye-catching high-rises of Palm Jumeirah, it stands out.
Honey Deylami, Executive Partner and Broker at Sotheby’s, confirmed that ‘Palm Jumeirah is one of the most sought-after locations for ultra-high network clientele.’
“Although there is very limited stock available on the island in terms of existing or new developments,” Deylami said.
“[Over 600] transactions took place on the island in Q1, worth Dh5.8 billion in sales volume.”
For the number-crunchers out there, 5.8 billion UAE Dirhams is equivalent to USD $1.58 billion.
Ava is the latest addition to a long list of desirable properties on Palm Jumeirah, the archipelago of artificial islands on Dubai’s shoreline.
Along with the iconic Atlantis resort, the Palm is also home to several big names in the hospitality industry, such as Fairmont, St. Regis, and Kempiski.
Alessandro is an automotive journalist with 10 years of experience covering supercars, automotive history, emerging vehicle technology, and luxury transportation. He wrote the first article published on SupercarBlondie.com when the website launched in 2022 and has since built a reputation for insightful reporting across the automotive and transportation industries. His expertise is grounded in hands-on experience. Alessandro has driven every Tesla model ever produced, from the original Roadster to the Cybertruck, and regularly covers the latest developments in electric vehicles and automotive innovation. His passion for transportation extends beyond cars, he has even flown a Boeing 787 Dreamliner simulator in Addis Ababa, Ethiopia. His reporting spans everything from classic American muscle cars and rare automotive discoveries to luxury yachts, private aircraft, high-end watches, and cutting-edge vehicle technology. Known for his deep knowledge of automotive history and ability to uncover the stories behind iconic vehicles, Alessandro brings readers a blend of historical context, technical expertise, and first-hand experience.
