Record-breaking penthouse sells for eye-watering amount

And the crazy part is the penthouse was sold shell-and-core, which is real estate jargon for… empty.

Published on May 31, 2023 at 2:39PM (UTC+4)

Last updated on Apr 2, 2024 at 3:52PM (UTC+4)

Edited by Kate Bain
Record-breaking penthouse in Dubai, feature image

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.

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