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Knight Frank secures Downtown Dubai’s most expensive residential property in record-breaking AED 80mln sale

Record-Breaking Sale
  • Knight Frank achieves a record-breaking sale in Downtown Dubai with the successful transaction of the emirate's most expensive residential property, fetching a staggering AED 80 million.

Knight Frank secures Downtown Dubai’s most expensive residential property in record-breaking AED 80mln sale

The four-bedroom Sky Collection Penthouse, located within Kempinski The Boulevard, features a built-up area of 7,466 sq. ft. with stunning Burj Khalifa views

Press Release

April 30, 2024

UAE

Dubai, UAE:- Knight Frank MENA announces the sale of the most expensive apartment ever in the Downtown Dubai area. Kempinski The Boulevard duplex penthouse, listed by Knight Frank MENA, has been sold for the record price of AED 80 million.

The four-bedroom Sky Collection Penthouse, located within Kempinski The Boulevard, features a built-up area of 7,466 sq. ft. with stunning Burj Khalifa views. Boasting five bathrooms, a powder room, two fully equipped kitchens, and furnished by Fendi, this residence offers the epitome of luxury living in one of Dubai’s most sought-after addresses.

Alfie Tabrez – Sales Director, Prime Residential, Dubai and Younus Karim – Principal Client Advisor were the agents that secured the deal.

This penthouse has achieved a price of AED 10,715 per sq. ft, which is 4x the average for Downtown apartments sold in Q1 of this year, at AED 2,670 psf. It is also 60% higher than the average price for branded residences in Downtown, which stands at AED 6,600 per sq. ft.

Will McKintosh – Regional Partner and Head of Residential, MENA says: “As the name suggests, ‘Downtown’ is always a prime central hub of any city, as is the case with many US cities such as New York and LA – Dubai is no different. Downtown Dubai is a popular and one of the city’s favoured locations, both for domestic and international ‘city types’ who like the lively ‘hustle and bustle’ vibe, that comes with being on the doorstep of the world’s largest shopping mall.”

Views of the iconic Burj Khalifa remain highly sought after and it comes as no surprise that we have sold this unique Kempinski-branded penthouse, which offers stunning views of the world’s tallest building. Even at AED 80 million, the property still represents very fair value particularly when compared with what you are getting in other global cities”.

The sale of the Kempinski The Boulevard duplex penthouse surpasses the previous record set in 2022, when a five-bedroom apartment in the Burj Khalifa was sold for AED 73 million. This is further indication that Dubai continues to be one of the most sought-after cities for super-prime real estate globally.

-Ends-

About Knight Frank:

Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, the Knight Frank network has 487 offices across 53 territories and more than 20,000 people The Group advises clients ranging from individual owners and buyers to major developers, investors, and corporate tenants. For further information about the Firm, please visit www.knightfrank.com.

In the MENA region, we have strategically positioned offices in key countries such as the United Arab Emirates, Saudi Arabia, Bahrain, Qatar, and Egypt. For the past 13 years, we have been offering integrated residential and commercial real estate services, including transactional support, consultancy, and management.

Understanding the unique intricacies of local markets is at the core of what we do, we blend this understanding with our global resources to provide you with tailored solutions that meet your specific needs. At Knight Frank, excellence, innovation, and a genuine focus on our clients drive everything we do. We are not just consultants; we are trusted partners in property ready to support you on your real estate journey, no matter the scale of your endeavour.

For all Media and PR inquiries, please contact:

Roksar Kamal, PR-Manager

Roksar.kamal@me.knightfrank.com

Let’s connect socially – find us on LinkedIn, Instagram, and Twitter. For more information and to explore how we can be your partners in property, please visit our website at https://www.knightfrank.ae

For more information about this property, visit Knight Frank’s property listing: https://www.knightfrank.ae/properties/residential/for-sale/kempinski-blvd-downtown-dubai-downtown-dubai-dubai/dub012387414

Will McKintosh, Regional Partner and Head of Residential, MENA

Source
https://www.zawya.com/

Gulf Estate Gazette

Gulf Estate Gazette is a leading source for comprehensive insights into the dynamic real estate landscape of the GCC and MENA region. Our platform is dedicated to providing valuable information and perspectives for individuals, investors, and industry professionals. With a passionate team and an unwavering commitment to excellence, we aim to empower our audience with the knowledge and opportunities needed to thrive in the ever-evolving world of real estate in the Gulf and beyond.

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