A record-breaking $500 million has been acquired by a new penthouse located in Palm Jumeirah, as the upward trend in Dubai’s ultra-luxury residential property prices continues. The five-bedroom Como Residences penthouse, covering 21,949 square feet, features a home automation system and exclusive access via a private elevator. Noteworthy is the breathtaking view it offers of the Dubai skyline through floor-to-ceiling windows.

Previously, the most expensive penthouse valued at Dh420 million was the Marsa Al Arab, which was sold by Luxhabitat Sotheby’s International. With strong demand for ultra-luxury properties from millionaires and billionaires from Europe, East Asia, and Gulf countries, it is expected that the $750-million Sky Mansion Penthouse at Bugatti Residences by Binghatti will surpass the Dh500 million record as soon as it is acquired.

Following the post-pandemic period, Dubai has seen a surge in demand for ultra-luxury properties, with prices exceeding Dh100 million, as a result of a strong influx of ultra-high-net-worth individuals to the emirate. According to global real estate consultancy Knight Frank, the market for homes priced at $10 million-plus in Dubai has been growing stronger. With 88 sales registered in Q1 2023 and a total of 219 deals recorded above the $10 million price point in 2022, the city is being recognized as one of the busiest luxury homes markets in the world.

The penthouse at Como Residences is now ranked the third most expensive penthouse to be built and sold in the world. Providing Estate successfully closed the deal, noting that the penthouse is expected to be completed in the third quarter of 2027.