When approaching Dubai, its glittering skyscrapers shimmer like a mirage in the surrounding desert. The city’s skyline is higher than even that of Manhattan, Chicago or Hong Kong with 18 buildings (10 of which are currently under construction) standing at over 300 metres. It now holds records for the world’s tallest building with the Burj Khalifa at 828 metres; the tallest hotel with the JW Marriott Marquis at 355 metres and the tallest residential building with the Princess Tower at 413 metres. Not content with this array of soaring architectural marvels, Dubai will also boast the world’s tallest commercial tower with the Burj 2020 by the end of this decade. So what are the options for those who would like to make one of these lofty buildings their home? Christina Poly of Gulf Sotheby’s International Realty comments,
“Le Rêve in Dubai Marina is still considered as one of the most expensive and exclusive high-rise residential developments in Dubai. With its strategic location (being in the best spot in the marina area) and with all units featuring full, direct views of the sea and Palm Jumeirah, Le Rêve commands high prices (one can only purchase a half or full-floor unit). Perhaps, the reason why it is still overpriced is because, to date, not many buildings/developments in the area can offer similar size/dimension with such grand features and luxury
“Another high-rise development is The 118 in Downtown Dubai. The 118 offers only 28 full-floor apartments, each with a dimension of 6,600 square feet. We expect this to be a very popular development because of ‘high exclusivity’ – imagine only 28 privileged individuals can own the residence. The 118 should be ready for handover in the last quarter of 2016.”
With regards to properties of this calibre, Ms Poly reports that there are few transactions per year.
“The owners of these type of properties do not intend to move,”
she explains.
“Also, the prices do not shift that much as there are not many high-end apartments for sale now. We would need to wait for the first six months of 2016 to determine if the owners are looking to sell their properties at slightly lower prices.”
Penthouses are literally at the very top end of this particular market. Gregory Lewis, senior negotiator at Knight Frank UAE, comments,
“Dubai penthouses tend to be exceptionally well presented with an accompanying high price tag. This tends to attract the wealthy, further maintaining the penthouse market in strong demand.
“Given the amount of skyscrapers in Dubai, penthouses vary on many different factors be it split level, with private pools and of course an array of diverse views. While some prefer villas, penthouse living offers its residents instant access to the city life, numerous amenities, lower up keep costs (no gardens etc), as well as a management company to take over any necessary general up keep.”
Elite Residence, Dubai Marina
Stunning penthouse with breathtaking sea views of the Palm Jumeirah. Occupying the entire top floor of this impressive 91-storey tower, the property features contemporary décor over 12,469 square feet. It includes three reception rooms, a private indoor swimming pool with Jacuzzi, gym, five large bedrooms (with en suites and dressing rooms) and multiple balconies offering remarkable views over the Dubai Marina, Palm Jumeirah and towards the Downtown area. The property is complemented by outstanding furniture and fittings which form part of the purchase price, six parking spaces and full access to the building’s facilities.
£13.74m / €10.58 / $15m Knight Frank +971 56 6695 908
Gregory.Lewis@me.knightfrank.com
Le Reve, Dubai Marina
On the 45th floor of what many consider Dubai’s most prestigious address, this stunning penthouse spreads across 13,400 square feet of interior space and over 800 square feet of sky terrace. The four-bedroom property has panoramic sea views of the seven-star Burj Al Arab, the Palm Jumeirah, and the world’s tallest Ferris wheel, the Dubai Eye. Conceptualised and furnished by French architect Jean Louis Mainguy, this sophisticated penthouse is complemented with a Smart Home System.
£14.11m / €18.32m / $20m Gulf Sotheby’s International Realty +971 600 545 451
The Residences, Downtown Dubai
One of the first residential communities in Downtown Dubai, The Residences comprises nine high-rise residential towers that are located around the Burj Lake. Its lifestyle amenities include a swimming pool, squash courts, badminton court, fitness centres, a mini-theatre, library, meeting room, day care centre and a business centre. With four parking levels, concierge facility and 24-hour maintenance and security, The Residences offer stylish living in the heart of the city. This three-bedroom apartment has breathtaking view of the iconic Burj Khalifa and world-famous Dubai Mall dancing fountains. Exceptionally well designed with high quality traditional and modern fixtures, it features three bedrooms with a maid’s room, living room and dining area and a total living space of 193m².
£307,721 / €399,630 / $436,300 Chestertons International +44 (0)207 201 2071
