In 2022, The Palm Jumeirah accounted for 30% of real estate transactions in Dubai's Dhs20 million plus property market.

Dubai Hills added another 20 per cent to last year's total transactions, with 826 super-luxury properties sold in the segment, with a total value of Dh29 billion.

Demand is fuelled by interest from high net worth individuals, mainly from Europe and the US, and is expected to grow by 20% this year, even as prices for luxury properties in Dubai continue to rise sharply.

Penthouse.ae, established in August 2022 by Metropolitan Premium Properties to specialise in high-end deals, accounted for 20 of the high-end properties sold on The Palm Jumeirah and Dubai Hills in just six months after its launch.

The luxury property specialist represents licensed developers, sellers and buyers in some of Dubai's most iconic locations, and the biggest deal on its books last year was the sale of a unit in Bulgari Residences for AED80.35 million.

This is really a whole new area of the Dubai real estate market because two years ago such transactions were a minority and almost non-existent, however today we are seeing a market that could exceed Dh35 billion in transactions this year," Manilla added.

Last year, the most expensive villa sold in Dubai was a Dh600 million villa on the Palm Jumeirah, while another villa on Dubai's Billionaire Street was sold for Dh302.5 million.

Penthouse.ae recently listed an ultra-luxury villa on the Palm Jumeirah for Dhs800 million.

High-net-worth investors are the main reason for the rapid rise in property prices in Dubai, which averaged 8.72 per cent across all market segments, according to the Dubai Land Authority, which also shows that ultra-high-net-worth investors in the city's prime areas have doubled the average price of luxury flats.

Manilla said." We cater to the connoisseurs of the luxury lifestyle and there is no bigger or better market in the world except here in Dubai. More than 75 per cent of buyers will relocate to Dubai permanently because they see the city as a safe and stable destination. Last year, the UAE attracted 4,000 millionaires and this trend will continue to strengthen."

While only Dubai properties are currently listed, Penthouse.ae will also be expanding to properties in Abu Dhabi and will have a dedicated team of 25 luxury property specialists by the end of the year.

The division offers clients a complete 360 service, from help with visas, opening bank accounts, setting up companies, property management, legal services and more.