“A First-Time Russian Investor Acquires a Dh44 Million Royal Atlantis Apartment”
A three-bedroom duplex apartment situated in the prestigious Royal Atlantis on Palm Jumeirah has recently shattered records with its astonishing Dh44 million price tag, equating to a remarkable Dh12,387 per square foot. This monumental transaction now stands as the second-highest property deal in Dubai’s real estate market, narrowly trailing behind a residence at the Bulgari Resort and Residences, which commanded an impressive Dh13,543 per square foot. The proud new owner of this esteemed property is a first-time Russian investor. The transaction was officially confirmed by Penthouse.ae, the entity responsible for orchestrating this significant acquisition.
Petri Mannila, the Head of Luxury at Penthouse.ae, emphasized the importance of this transaction, remarking, “This groundbreaking deal once again highlights the enduring allure of branded residences. This includes illustrious names like SLS Residences, Armani, Six Senses, and the Royal Atlantis. High-net-worth individuals, entrepreneurs, institutional investors, and family property funds are fueling the demand for luxury properties exceeding AED 20 million, leading to a shortage of available units for both end-users and investors in the market. With supply constraints and prices continuing to trend upward, the present investment landscape holds tremendous promise.”
The surge in demand for luxury real estate in Dubai has been truly remarkable, largely driven by the influx of High Net Worth Individuals (HNWIs) from around the world. This momentum has carried forward into 2023, with the market poised to replicate the successes of 2022, even within the first quarter of the year.