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Luxury Dubai realtor sees spike in demand for penthouses

High-end realtor Luxhabitat has reported a spike in penthouse sales in Dubai this year with more than 50 sold between January and August.

The company, which is focused on properties priced above AED5 million, said a further four penthouses have been sold since last month while another five have been rented out over the past 50 days.

Luxhabitat said it has already reached 99 percent of its sales target for the year within eight months due to sales and rentals picking up this year.

It said in a statement that Luxhabitat managed to sell four penthouses worth more than AED18 million in Dubai Marina, Palm Jumeirah and Culture Village. The total value of these penthouses exceeded AED78 million.

The most expensive penthouse sold by Luxhabitat was in August for an AED20 million penthouse at Palazzo Versace, it said, adding that the rentals agreed recently totalled AED2.78 million in value.

Alexander Von Sayn Wittgenstein, luxury sales director at Luxhabitat said: "Penthouses are in demand because most of the developments are very exclusive - meaning that there is a limited amount of apartments in the same building. This grants the owners privacy and a feeling of exclusivity."

In terms of the off-plan market, he said all eyes are on the potential takers of the One penthouse listed at AED181 million, Dubai's most expensive apartment which is situated on the Palm. The whole penthouse spans 25,000 square feet. It has seven bedrooms, eight bathrooms and 12 parking spaces.

Other off-plan developments that house penthouses include The 118 in Downtown Dubai, Alef Residences and Volante.

Ryan Kasper, luxury rentals director at Luxhabitat, added: "The reason for the influx in penthouse tenants is due to many incoming corporate global executives arriving in Dubai this time of year with very-high budgets. Half the clients who are renting are at the very senior level in the careers and are empty-nesters; the other half own their own businesses and are living in the penthouses with families."

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