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Gulf Sotheby’s concludes $6.9m sale on fire-damaged Address Downtown apartment

Gulf Sotheby’s International Realty has concluded the sale of one of the fire-damaged penthouse apartments at The Address Downtown Dubai.

With an internal built-up area of 3,181 square feet, the penthouse’s selling price of AED 25.25m ($6.9m) equates to AED 7,937 ($2,160) per square foot, Gulf Sotheby said it's a rate that rivals current average prices for property in London’s Mayfair and the Tribeca district in New York City.

Sotheby’s associate for the sale Seran Gheorghe, said the transaction indicates that there remains a high level of confidence in Dubai’s premium property market.

“High quality apartment buildings situated in outstanding locations across the world will always remain attractive both as investments and as homes,” said Gheorghe. “As a premium location Downtown Dubai has a lot of interested buyers and it is very rare for an apartment like this to come onto the market. This listing was an exceptional opportunity for someone to buy a very exclusive property.

“Despite being fire-damaged, the Address Downtown Dubai penthouse was bought by a Middle East buyer that recognised the long-term investment value of the apartment.”

The Address Downtown Dubai penthouse apartment was on Gulf Sotheby’s International Realty’s books as an exclusive but undisclosed listing.

“It is imperative for many of our clients that they retain anonymity and they will often appoint representatives to handle the transaction for them,” said Gheorghe. “In some cases they also do not want the property listed on the open market and they then rely on us to use our network of contacts to find an appropriate buyer.

“This is an important aspect of the service Gulf Sotheby’s International Realty offers. Its breadth of contacts and the discretion the agency applies are fundamental to the trust that both buyers and sellers place in us.”

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