Dubai sees high demand for over $10mln penthouses

Dubai sees high demand for over $10mln penthouses

Dubai continues to see a huge influx of property buyers in search of ultra-luxury homes, especially penthouses with price tags of upwards of $10 million to $27 million, according to industry experts.

These buyers are mostly ultra-high-net-worth individuals (UHNWIs) from a number of markets overseas, including Europe and countries in the so-called Commonwealth of Independent States (CIS), which include Russia and Ukraine, among other states, according to Petri Mannila, sales director of Penthouse.ae.

Demand for properties in Dubai started picking up since COVID-19 restrictions eased in late 2020. By the first quarter of 2021, sales of premium properties skyrocketed by 230%, compared to the same period in 2020, while prices in sought-after locations also surged by up to 40%, according to Property Finder.

Over the past several months, Penthouse.ae said it has seen buyers snapping up upscale properties that cost more than 40 million UAE dirhams.

“We are seeing a huge influx of ultra-high net worth investors and buyers from Europe and the CIS in the last six to 12 months who are looking for ready-to-move-in homes and driving up demand for these uber-luxury units,” said Mannila.

“We are currently listing ten penthouses ranging from 100 million UAE dirhams up to 400 million UAE dirhams