The penthouse is a premium-class property with superior comfort. A penthouse emphasises owner status. Penthouses in Dubai areis a sought-after property actively acquired by buyers from around the world. TheyPenthouses are limited, so their popularity is high. In most cases, apartments on the top floors of buildings are sold out at the start of sales. We’ll take a look atConsider what a penthouse is and why luxury residences are not only a place for livingto move but also an investment.
Contents:
- Five reasons to buy a penthouse
- Real estate market in the UAE
- Dubai penthouse prices after the crisis
- Prospects for the UAE real estate market this year
- How much do penthouses cost in Dubai?
- Help from experts
Five reasons to buy a penthouse
High-rise buildings usually have one or two penthouses on one or two floors. Contrary to popular belief, duplex residences are as comfortable as spacious villas. However, even a one-storey luxury property can cover more than 500 square metres. The cost of penthouses in Dubai in dollars and euros depends not only on the floor area but also on the prestige of the residential complex and additional amenities. There are several reasons for buying a penthouse in Dubai in 2023.
- Exclusivity. Even spacious apartments have lower prestige than penthouses.
- High liquidity. The limited supply on the market maintains high demand for this type of housing.
- Convenience. Housing layouts meet the needs of large families and free space enthusiasts.
- Privacy. Most penthouses have elevators, minimising close contact with other residents.
- Luxurious panoramic views of the city.
Luxury residence owners can enjoy personalised amenities. It can be a private pool, a mini-golf course, a roof garden, a sauna, or a jacuzzi. Dubai penthouse prices in dollars and euros increase with the number of advantages they offer. This property has a high apex but is suitable for personal space connoisseurs. Owning a residence on the top floor is prestigious and profitable, making it a viable investment.
Real estate market in the UAE
2021–2022 were significant years in Dubai’s real estate history. After the coronavirus pandemic, people chose spacious housing to ensure a comfortable life even under lockdown. Luxury property demand started growing in 2021. The subsequent geopolitical instability helped attract investors interested in developing countries’ housing stock. The total value of real estate transactions in 2022 reached $72 billion — 62% more than in 2021.
In the first quarter of 2023, sales reached $42.7 billion, representing an increase of 80% per annum. The gradual price rise is especially noticeable in areas such as Jumeirah Islands, Palm Jumeirah, and Dubai Hills Estate. In these areas, housing costs have increased by 4.5%–5%.
Dubai penthouse prices after the crisis
Property prices in Dubai are high because demand is high. Dubai’s real estate capitalisation is stable. On average, apartments in the metropolis increased by 8.5% in 2022. In some communities, exclusive real estate prices exceeded 10%. Housing costs are influenced by location, room quantity, finish quality, and whether the unit is furnished. Prices for penthouses in Dubai after the crisis have been steadily increasing, but the high cost has not stopped buyers. In the first quarter of 2023 alone, there were 88 transactions for properties totalling $10 million.
Prospects for the UAE real estate market this year
According to the consulting company ValuStrat, residence costs increased in the first quarter of 2023 to 6.6%. These figures exceeded expert forecasts for 2022, which assumed that price growth on an annualised basis would be small and not exceed 5%. However, the 2014 peak in property prices has not yet been reached. As a result, it is still possible to buy overseas property profitably. Before booking a penthouse in Dubai, you must know how much it costs, and prices change quickly.
How much do penthouses cost in Dubai?
Due to the area and premium housing, penthouses in the UAE 2023 cost the same as detached villas. These are design projects with expensive finishes, exclusive furniture, and plumbing fixtures. Most developers coordinate the project with the buyer and can either provide apartments ready for occupancy or leave the opportunity to develop a whole design project to a future resident.
Dubai penthouses cost $1.5 million. Cheaper offers are also found, but they are rare. It mostly depends on the location. For example, in Palm Jumeirah, finding a residence for less than $4 million is challenging, with some properties costing up to $70 million. Otherwise, the fluctuation of penthouse prices in the United Arab Emirates directly depends on property value growth.
Help from experts
The site contains advertisements for exclusive properties directly from developers and reliable real estate agencies. The search system can help you find a housing unit in the area of interest within your budget range. Prices are available in USD and EUR. Specialists are ready to answer questions regarding the features of the Arab real estate market, selection, and purchase. Start your search for premium properties now!
