Friday 21 June 2024
 
»
 
»
Story

Knight Frank closes sale for Downtown Dubai's costliest residence

DUBAI, May 2, 2024

Knight Frank Mena has announced the sale of Kempinski The Boulevard duplex penthouse - the most expensive apartment ever in the Downtown Dubai area - for a record price of AED80 million ($22 million). 
 
Listed by Knight Frank Mena, it is a four-bedroom Sky Collection Penthouse, located within Kempinski The Boulevard, that has a built-up area of 7,466 sq ft with the views of Burj Khalifa, said the top property consultant in a statement.
 
Boasting five bathrooms, a powder room, two fully equipped kitchens, and furnished by Fendi, this residence offers the epitome of luxury living in one of Dubai's most sought-after addresses, it stated.
 
Knight Frank Mena pointed out that this sale surpasses the previous record set in 2022, when a five-bedroom apartment in the Burj Khalifa was sold for AED73 million. 
 
This penthouse has achieved a price of AED10,715 per sq ft, which is 4 times the average for Downtown apartments sold in Q1 at AED2,670 per sq ft, stated Younus Karim, the principal client advisor, who secured the deal.
 
It is also 60% higher than the average price for branded residences in Downtown, which stands at AED 6,600 per sq ft, he added.
 
Will McKintosh – Regional Partner and Head of Residential, Mena said: "As the name suggests, ‘Downtown’ is always a prime central hub of any city, as is the case with many US cities such as New York and LA - Dubai is no different."
 
"Downtown Dubai is a popular and one of the city’s favoured locations, both for domestic and international ‘city types’ who like the lively ‘hustle and bustle’ vibe, that comes with being on the doorstep of the world’s largest shopping mall,” observed McKintosh.
 
"It comes as no surprise that we have sold this unique Kempinski-branded penthouse, which offers stunning views of the world’s tallest building. Even at AED80 million, the property still represents very fair value particularly when compared with what you are getting in other global cities," he added.
 

 




Tags:

More Lifestyle Stories

calendarCalendar of Events

Ads