UAE - Unprecedented demand for luxury properties, led by Palm Jumeirah, continues to set records in Dubai, with a new three-bedroom duplex flat on Palm Jumeirah selling for Dh12,387 per square foot, making it the most expensive property sold per square foot on the man-made island, and Dubai's It is the most expensive property sold per square foot on the artificial island and the second most expensive in Dubai.

The previous record was held by a three-bedroom flat at the Bulgari Resort, which was sold in February 2023 for Dh13,543 per square foot for a total of Dh42.9 million.

A three-bedroom duplex flat at The Royal Atlantis was sold for Dh44 million by Olga Mannila, sales manager at Metropolitan's Penthouse.ae. The duplex, which features a private swimming pool and a range of luxury amenities, was purchased by a first-time Russian investor.

Petri Mannila, Head of Luxury at Penthouse.ae, said global investors continue to show strong interest in Dubai's exclusive property offerings.

This landmark deal further highlights the continued interest in branded residences, including iconic brands such as SLS Residences, Armani, Six Seasons and Royal Atlantis.

High net worth individuals, entrepreneurs, institutional investors and family property funds are driving the demand for luxury properties above Dh20 million, resulting in a shortage of available units in the market for end users and investors," he said.

Mannila added that the current window of investment opportunity is very promising as supply is constrained and prices remain on an upward trend. Dubai's luxury residential market has seen significant double-digit growth in the first half of this year and the outlook for the next 3-5 years is expected to be positive," added Mannila, the agent behind the record deal.

Mannila, the agent behind the record-breaking deal, said that prices at The Royal Atlantis have experienced an extraordinary rise of more than 150 per cent since its launch.