08 September 2016
With over 55 penthouses sold between January and August 2016, Luxhabitat has managed to spot the huge demand for penthouses on the market. From August 2015, we have managed to sell four penthouses. Besides this, we rented 5 penthouses within the last 50 days. Does this mean that the penthouse market is receiving a surge in demand?
Entrance to the Palazzo Versace penthouse for sale. Listing price: AED 46 million
This past year, Luxhabitat managed to sell four penthouses worth above AED 18 million in Dubai Marina, Palm Jumeirah and Culture Village. The total value of these penthouses exceeded AED 78 million. The most expensive penthouse sold by Luxhabitat was in August 2016 for an AED 20 million penthouse at Palazzo Versace. In addition to this, the company also closed rentals for 5 penthouses within 50 days - thereby closing AED 2.78 million in rentals. Alexander Von Sayn Wittgenstein, Luxury Sales Director at LUXHABITAT says, "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. Facilities are provided and some of the developments are even serviced. Penthouse owners usually travel a lot and it's therefore convenient to just lock the door and leave instead of having to take care of pool and garden maintenance; which are issues they could face if they had a villa. Service fees are fixed for penthouses as well; the owners are aware of exactly where their money is going." In terms of the off-plan market, all eyes are on the potential takers of the One penthouse listed at AED 181 million. This is 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. The real estate market prices seem to be levelling off and several end-users and investors are looking into residential real estate. Luxhabitat has already reached 99% of its sales target for the year within eight months due to sales and rentals picking up this year. Ryan Kasper, Luxury Rentals Director at Luxhabitat explains the surge in penthouse rentals and the profile of the clients. "The reason for the influx in penthouse tenants is due to many incoming corporate global executives (CEOs, VPs) 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." He said. More than half of the penthouses rented had private pools, with an average area of 6,000 square feet. "I am also currently in negotiations for the rental of a Le Reve penthouse. The demands for penthouses as rentals is high." Adds Kasper. "We have consistently delivered year or year transaction targets and are excited about the strengthening of the luxury market further demonstrated by uplift in year on year enquiries. The recent additions to the team, our keen focus on technology and a complete revamp of operations will help sustain and propel the growth of Luxhabitat in the future." Says Oriol Font, CEO of Luxhabitat. Luxhabitat remains the only niche luxury real estate brokerage that focuses only on high-end properties in Dubai. View our infographic on the penthouse market here
LUXHABITAT is Dubai's only high-end real estate company focused on marketing, selling and designing the most important real estate properties in the region. The company is focused on properties above AED5M and in 2014 had an average property transaction of AED14M. The company is focused in sourcing the best quality properties in premium residential areas such as Emirates Hills, Palm Jumeirah, Al Barari, Jumeirah Islands, Jumeirah Golf Estates, Meadows, Lakes and Arabian Ranches; and also, the best apartments and penthouses in upscale buildings such as Le Reve, Index Tower, Six Towers, Burj Khalifa, The Address Hotels, among others. For more information, visit its award-winning website at www.luxhabitat.aeWWW.LUXHABITAT.AE
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