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New record set for the most expensive penthouse ever sold in Dubai

16.05.2017
New record set for the most expensive penthouse ever sold in Dubai

The penthouse in Jumeirah Bay sold for USD16.3 million, and this is not the limit: read how branded property is priced now in Dubai.

The 4,000 square feet full-floor penthouse in Bvlgari Resorts & Residences was sold for AED 60 million (USD16.3 million), according to Luxhabitat.

So far, according to Reidin, this is the most expensive sales transaction for elite branded penthouses in Dubai’s history, beating the previous record of the penthouse sold in Fairmont the Palm for USD 11.4 million (AED42 million ) in 2012. But this new record may well be broken too, due to a sale of an even more impressive two-storey penthouse in the Noor Tower of the Al Habtoor City project, which is expected to be marketed at a price of USD 55 million.

The broker, who sold the penthouse in Bvlgari Resorts & Residences, said it was the largest real estate unit of this type he ever saw in Dubai. With the penthouse occupying the whole floor, residents can enjoy a complete 360 degrees view of the city and the sea. Bvlgari Resorts & Residences completion is scheduled for the end of 2017.

This project, like many other luxury real estate projects in Dubai today, belongs to the segment of branded real estate. Why is this type of property enjoying so much increased interest among Dubai investors? According to Luxhabitat, you can expect up to a 46% premium in terms of prices per square foot for branded real estate units.

The research by Luxhabitat has revealed that branded residences get higher investment returns and have inelastic price, which is rare for luxury real estate. The effect of price inelasticity guarantees consumers’ commitment to the brand, which also creates inelastic demand, as consumers don’t need a replacement and do not agree with it, as microeconomic theory states.

The most popular branded property units in Dubai today are penthouses, apartments and villas in such complexes as Kempinski Hotels & Resorts, The Fairmont Palm Residences, Palazzo Versace and, of course, the new VINCITORE project in Arjan area, recently presented in the market.

IMEX Real Estate can help you invest in any of these and other projects in Dubai, as well as provide you the best investment scheme. For more information on investing in branded real estate, please visit our Investment Section.

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Lease process (Rent out)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.
Real estate search.

Up to 5 days

Real estate search.

Selection of optimal options.

Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Property Selection

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Customer charges:
  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration
Additional services:

Property management

Sales Process
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
Contract of the owner and agency

1 hour

Contract of the owner and agency
Rendering of management services

1 year

Rendering of management services
Reporting

1 day

Reporting
Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Selection of optimal investment options

From 3 days

Selection of optimal investment options
Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Expenses of the investor:
  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration
Additional services:

Property management