Metropolitan Premium Properties sees Dubai’s super luxury market doubling in Q4
Penthouse.ae, while currently only listing properties in Dubai, will also expand to cover properties in Abu Dhabi and will have a dedicated team of 25 luxury property experts by the end of next year. The new division plans to offer clients a complete 360-service from helping with visas, opening bank accounts, setting up companies, property management, legal services and more.
Petri Mannila, Sales Director of Penthouse.ae, said:
A few years ago, there would only be a handful of properties above AED 100M. Last year, the most expensive villa sold was in the AED 120M range and just last month a villa was sold for AED 285M and we have just listed an uber-luxury villa on the Palm Jumeirah for AED 800M.
We are seeing very strong demand for uber-luxury properties from investors primarily from Russia, CIS and Europe mainly from Italy, Germany, Poland and UK and we’re also seeing greater interest from the US
Developers are reacting to this demand and adding more luxury and unique features to their developments to cater to their high-profile clientele. Since the start of this year, the number of super-luxury properties from AED 15M and above has quadrupled and this segment will continue to grow and we expect demand to remain strong in the last quarter of this year and beyond