Dubai's priciest flat attracting global interest

Dubai's priciest flat attracting global interestImage Credit: Supplied

Dubai's priciest apartment, which is currently valued at Dh200 million, is attracting growing interest from buyers the world over.

Promising magnificent views of the sea and the Dubai skyline, and equipped with an in-house movie theatre, private spa, sauna and a massive terrace the size of 16 one-bedroom apartments, the penthouse at the One on The Palm Jumeirah is drawing the attention of high-net-worth individuals.

Mohamed Hmeid, director of sales and marketing at Omniyat, the project's developer, said that they are getting queries from interested buyers from the United States, Saudi Arabia, Kuwait, Qatar, Bahrain and United Kingdom.

Omniyat's Dh2 billion project, which is being showcased at Cityscape Global, will feature 90 luxury apartments with a starting price of more than Dh11 million.

The star of the project is a luxurious penthouse featuring seven bedrooms and 12 parking spaces. At 41,914 square feet, the size of the property is equivalent to about 40 flats.

Hmeid said that while construction of the property is still ongoing, almost 50 per cent of the units at the One have already been bought. ''Nearly half of the units were sold. Our buyers include high-net-worth individuals [from various countries],'' Hmeid told Gulf News.

Dubai's high-end property market is still seeing a slowdown in demand. Sales at Dubai's expensive addresses, such as Dubai Marina and Jumeirah Beach Residences posted a decline of close to 10 per cent, while the Palm Jumeirah recorded year-on-year reductions of 13 per cent.

Analysts said there has been a shift of buyer interest, with affordable properties now recording sales growth. Properties at IMPZ, Discovery Gardens and Dubai Silicon Oasis posted 3 per cent, 6 per cent and 2 per cent sales growth over the summer months, according to Asteco.

''Newly launched properties with reasonable price and/or payment plans, and healthy prospective ROI, have been attracting solid investment interest, which will define market movement in the months to come as affordability remains a major driver for sales,'' said John Stevens, managing director at Asteco.

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Source: Cleofe Maceda, Senior Web Reporter,


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