The developer’s latest offer to the ultra-high-net-worth market is set for completion in 2024
Developer Alpago Properties has unveiled another high-value penthouse on the Palm Jumeirah in Dubai, stating that it will come to market with a price tag of $68.06mn.
The firm said it is developing a project which will feature 10 units comprising floorplans of either 9,000sqft and 19,000sqft, which will cost between $25.86mn and $68.06mn. The most expensive unit receives two floors, while the other nine will each have one.
The developer recently sold a new mansion on the Palm for $82.36mn, surpassing the previous record of $76.23mn.
A representative from Alpago said, “Prices have been set for the 10 units that make up the project’s 11 stories. Sales won’t begin until the project is finished, which is anticipated to be in 2024.”
On the Palm, Frond G – the setting for this latest development – is said to have more signature villas than the rest of Palm Jumeirah combined, and is popularly known as ‘Billionaires Row’. It’s home to the most expensive villa ever sold in Dubai, which again was courtesy of Alpago Properties.
Prathyusha Gurrapu, Head of Research and Advisory at real estate consultancy Core, said the prime and ultra-prime residential market has been relatively resilient compared to the affordable and mid-market segment during 2014-2020.
He explained, “We have observed a marked increase in demand for prime residential properties since Q4 of 2020. In fact, 2021 saw the highest secondary market transactions above $2.72mn in the last decade, with Palm Jumeirah accounting for nearly 35% of these transactions.”
Prime residential values in Dubai, which include the neighbourhoods of the Palm Jumeirah, Emirates Hills and Jumeirah Bay Island, have risen by 88.8% in the last 12 months, according to Knight Frank.
“Prime residential values in Dubai continue to strengthen, growing by 29% in the third quarter alone, fuelled by a persistent deluge of ultra-high-net-worth individuals, who are zeroing in on Dubai’s premier districts, in search of second homes,” said Faisal Durrani, Partner – Head of Middle East Research.
Of Dubai’s three Prime residential districts, the Palm Jumeirah, with an average transacted price of $831.4psf, remains the most affordable, relative to Emirates Hills $1,421psf and Jumeirah Bay Island $1,727psf.
In late October 2022, Mukesh Ambani purchased Dubai’s most expensive villa for $163mn.