Dubai’s real estate market is breaking records as a penthouse sells for Dh550 million ($150 million), marking it as the priciest in the UAE and the Middle East.
The 47,200 sqft unit, located in Bugatti Residences by Binghatti in Business Bay, achieved an unprecedented rate of Dh11,650 per sqft, setting a new record in Business Bay, according to the developer’s announcement on Friday.
The previous record for Dubai’s most costly penthouse was held by Nakheel’s 71-storey Como Residences on Palm Jumeirah, slated for completion in the third quarter of 2027.
Stay informed with the latest updates. Follow KT on WhatsApp Channels.
“So far, we have secured the top position in Dubai’s real estate market this year, selling over 14,000 units and surpassing both public and private competitors. As Dubai’s fastest-growing real estate company, Binghatti is now among the top three developers in the city, holding a significant market share according to Dubai Land Department figures,” stated Muhammad Binghatti, chairman of Binghatti.
The developer did not reveal the buyer’s identity. Industry experts note that branded residences offer significantly higher returns for investors and end-users.
Dubai: A Hub for Global Celebrities
Ultra-luxury properties are attracting the global elite, including celebrities and sports stars.
Binghatti mentioned that football legend Neymar Jr., Italian tenor Andrea Bocelli, and international footballer Aymeric Laporte have bought units in the Bugatti Residences by Binghatti.
Furthermore, celebrities have invested in properties developed by Damac Properties, Danube Properties, Amali Properties, and Nakheel among others.
Binghatti highlighted that their Sky Mansion penthouses offer unique privacy and customized amenities.
“Luxury real estate is transforming. A home is now a reflection of identity and aspiration. In Dubai, branded residences command about a 40% premium over traditional homes. With over 140 projects expected by 2031, the city is leading a global shift in living and investment,” said Louis Harding, CEO at Betterhomes.
