Penthouse by Dubai’s Iconic Burj Khalifa Sells for AED 139 Million
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Penthouse by Dubai’s Iconic Burj Khalifa Sells for AED 139 Million

The home sets a record for the priciest deal inked in the district surrounding the tallest building in the world

By LIZ LUCKING
Wed, Jun 5, 2024 7:42amGrey Clock 2 min

A mansion-sized Dubai penthouse has sold for AED 139 million (US$37.8 million), a record high for the neighborhood surrounding the city’s iconic Burj Khalifa skyscraper, according to an announcement Monday from the building’s developer, Omniyat.

The four-bedroom home is within the Lana Residences, Dorchester Collection, a hotel and residential property managed by the luxury hospitality brand that opened in April in the Burj Khalifa district, the area named for the world’s tallest building.

Courtesy of Omniyat

Designed by London-based architecture firm Foster + Partners and with interiors by French design duo Gilles & Boissier, the penthouse—one of 39 units at the building—spans close to 16,600 square feet and boasts open spaces, natural materials and views of the Marasi Bay Marina and Dubai skyline.

There are also floor-to-ceiling windows, towering ceilings and a terrace with a pool, according to listing photos.

The penthouse has almost 16,600 square feet of living space.
Courtesy of Omniyat

“It’s a sanctuary in which every detail has been thoughtfully curated to evoke a sense of harmonious balance,” Mahdi Amjad, founder and executive chairman at Omniyat, said in a statement.

Mansion Global couldn’t identify the buyer of the apartment.

The building itself offers residents valet parking, an outdoor pool and all of the facilities at the connected hotel, which includes restaurants, garden terraces, cocktail bars, a cigar lounge, a Dior-branded spa and a gym.

Dubai’s property market has enjoyed a major upswing since the pandemic, complete with scores of record-breaking deals and surging home prices.

In the first quarter of the year, the city was the world’s hot spot for super-prime property purchases, with 105 homes priced at US$10 million or more changing hands in the three-month period.



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The two Australian states where it’s a buyers’ market

Property values have experienced strong growth around the country, but there are two highly desirable areas where oversupply is putting downward pressure on sales

By Bronwyn Allen
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While property values are rising strongly in most markets across Australia, it’s a vastly different story in Victoria and Tasmania, new data from CoreLogic shows. Over the 12 months to May 31, the median house price lifted just 1.8 percent in Melbourne and fell 0.6 percent in regional Victoria. The median dipped 0.1 percent in Hobart and ticked 0.4 percent higher in regional Tasmania. This is in stark contrast to Perth, where values are up 22 percent, and regional Western Australia, up 14.8 percent; as well as Brisbane, up 16.3 percent, and regional Queensland, up 11.8 percent.

CoreLogic Head of Research, Eliza Owen says an oversupply of homes for sale has weakened prices in Victoria and Tasmania, creating buyers’ markets.

On the supply side, there has been more of a build-up in new listings than usual across Victoria, even where home value performance has been relatively soft,” Ms Owen said. Victoria has also had more dwellings completed than any other state and territory in the past 10 years, keeping a lid on price growth. The additional choice in stock means vendors have to bring down their price expectations, and that brings values down.”

Melbourne dwelling values are now four percent below their record high and Hobart dwelling values are 11.5 percent below their record high. Both records were set more than two years ago in March 2022. The oversupply has also affected how long it takes to sell a property. The median days on market is currently 36 in Melbourne and 45 in Hobart compared to a combined capitals median of 27. It takes 55 days to sell in regional Victoria and 64 days in regional Tasmania compared to a combined regional median of 42 days.

Changes in population patterns have also contributed to higher numbers of homes for sale in recent years. Since COVID began in early 2020, thousands of families have left Melbourne because working from home meant they could buy a bigger property in more affordable areas. While many relocated to regional Victoria, a significant proportion left the state altogether, with South-East Queensland a favoured destination. Meantime, Tasmania’s surge in interstate migration during FY21 was short-lived. Data from the Australian Bureau of Statistics shows the island state has recorded a net loss of residents to other states and territories every quarter since June 2022.

Record overseas migration has more than offset interstate migration losses, thereby keeping Victoria’s and Tasmania’s populations growing. However, the impact of migrants on housing is largely seen in the rental market, so this segment of population gain has done little to support values. Growth in weekly rents has been far stronger than growth in home values over the past year, with rents up 9 percent in Melbourne and 4.8 percent in regional Victoria, and up 1 percent in Hobart and 2.7 percent in regional Tasmania.

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Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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