Company News

New milestone set with AED 420 million sale

Marsa Al Arab

Records broken as sale of Marsa Al Arab penthouse becomes the highest value sale in Dubai this year

Words by Aneesha Rai in Company News · May 31st, 2023

LUXHABITAT Sotheby’s International Realty, the esteemed luxury real estate company, has reached new heights with the sale of an exclusive penthouse for AED 420 million in Marsa Al Arab. This momentous achievement now establishes Luxhabitat Sotheby’s International Realty as the record holder for the most expensive apartment ever sold in Dubai, with an impressive value of AED 17,000 per square foot. The sale was achieved by Taieser Al Saati, an executive partner at Luxhabitat Sotheby’s International Realty, and surpasses the cost of a Bulgari Lighthouse apartment which sold for AED 410 million earlier this year.

Situated at the Marsa Al Arab Hotel, the Marsa Al Arab penthouse commands the highest floor, spanning an impressive 24,628 square feet. This extraordinary living space boasts 17,000 square feet of meticulously designed outdoor areas, featuring a private pool and 360-degree ocean vistas of Dubai, including the iconic Burj Al-Arab Jumeirah. Accessible through a dedicated lobby and equipped with two private lifts, residents are granted exclusive entry into this majestic penthouse sanctuary. Additionally, the residence benefits from proximity to the newly constructed superyacht marina, further enhancing its unparalleled luxury experience.

With a design influenced by futuristic superyachts, Marsa Al Arab Hotel will feature 386 rooms and suites, 4 penthouses, as well as 83 luxury hotel apartment suites set amidst abundant private gardens. The lavish landscape of the resort includes beautiful glittering waters, green terraces, and rich gardens, as well as private cabana areas and pavilions. It features a wide array of spectacularly built pools, spas and wellness facilities, along with more than 10 restaurants and bars, curated by internationally acclaimed restaurant designers. The unique design, all-encompassing amenities and top-of-the-range facilities ensure a wonderful experience that meets every need.

George Azar, CEO of Sotheby’s International Realty in the UAE comments: “We are immensely proud of this record-breaking achievement, as it reflects our unwavering commitment to excellence and our standing as a pioneer in the luxury real estate market. This sale not only highlights the desirability of property in Dubai but also cements the trust and confidence our clients place in us and we are excited to be at the forefront of this dynamic market, embracing the evolving needs and aspirations of our clients. “Dubai's thriving real estate landscape, particularly in the luxury sector, provides an exceptional platform for remarkable accomplishments. This sale is a testament to the vibrant and progressive luxury property market in Dubai and Sotheby’s International Realty in the UAE is honoured to play a significant role in shaping its landscape, remaining dedicated to exceeding expectations, and setting new benchmarks in the industry.”