A private elevator, spa center, and mini-golf course: a luxurious penthouse in Dubai has been listed for sale at $163 million
Dubai's real estate market is reaching new heights with the listing of the R1 super penthouse at Raffles The Palm Dubai Residences for a staggering AED 600 million (USD 163 million). Owned by Emerald Palace Group (EPG), this 77,707 square foot luxury property occupies the top three floors and the roof of the building.
Seran Gheorghe, vice president of EPG and sales director of Raffles The Palm Dubai Residences, believes that this sale will be "an important milestone in the history of Dubai real estate," News Bytes writes. The complex positions itself as "a place so far removed from everyday life that every day feels like living in a dream."
The penthouse has a basketball court and cryogenic room
The eight-bedroom luxury super penthouse R1 boasts a private elevator, indoor/outdoor cinema, gym, basketball court, spa with a cryogenic room, hay lounge, outdoor pool, barbecue area, miniature golf course in the meditation garden, cigar lounge, and bar with 360-degree views of the Arabian Gulf. The hotel also has a central terrace for large events and a dining room with a kitchen that can accommodate 20 guests.
Record sales in Dubai's luxury real estate market
The luxury category has become the driving force behind the growth of the local real estate market.
Earlier in November, a record sale of a five-bedroom penthouse in Como Residences at Palm Jumeirah for AED 500 million took place. This 22,000-square-foot property has a private elevator and floor-to-ceiling windows.
In June 2023, the Sky Mansion penthouse by Bugatti Residences by Binghatti was put up for sale for an impressive AED 750 million, although the size of the penthouse was not disclosed.
Growing demand for luxury housing
According to many forecasts, luxury housing prices in Dubai are expected to grow rapidly in the coming years, making the emirate a prominent player in the global real estate market.
Reports indicate that housing prices in prestigious areas of Dubai, which include Palm Jumeirah, will grow by 5%, while prices in non-prestigious markets will increase by 3.5%.
The facility will be commissioned in 15 months
Gheorghe said that this super penthouse "is of particular significance given Dubai's recent central position in the global real estate market and the growing demand for luxury real estate from numerous high net worth individuals."
In addition, potential homeowners can customize this unique super penthouse by choosing extraordinary features to make it their own little paradise.
Reportedly, the property will be delivered in 15 months from the date of booking.
