Dubai's Real Estate Market Hits New Heights: PHOREE Real Estate Shares Insights on Record-Breaking AED 420 Million Sale

PHOREE Real Estate is thrilled to share a recent record-breaking event in Dubai's real estate market, as reported by emirates247.com. The most expensive apartment in the history of Dubai's property market was sold for a staggering AED 420 million. This historic transaction took place in the luxurious Jumeirah Mina Al Arab project, located adjacent to the iconic Burj Al Arab Hotel.

The apartment, spanning an impressive 24,628 square feet, was sold at a price of AED 17,000 per square foot. To put this into perspective, if a small 500 square foot apartment were sold at this rate, it would cost a whopping AED 8.5 million.

This transaction surpasses the previous record held by the Bulgari Resort & Residences penthouse, which was sold earlier this year for AED 410 million. The sale of the apartment in Mina Al Arab was facilitated by Luxhabitat Sotheby's International Realty.

In another noteworthy event, an apartment in Dubai was sold for AED 50 million within just three days of its launch. This rapid sale indicates a rising demand for luxury properties in Dubai, reaching unprecedented levels. The apartment is located in an under-construction project in the Jumeirah Beach Residence area, named "Five Lux JBR."

These recent developments in Dubai's real estate market underscore the city's appeal as a global hub for luxury real estate. PHOREE Real Estate is committed to keeping you informed about these exciting trends and developments in the real estate market.

(Source: Emirates247.com)