Luxurious 77,000 sq ft Dubai penthouse with cryogenic room and hay beds goes on sale for record $163 million

Dubai's real estate market soars with the listing of the record-breaking DH600 million Super Penthouse R1, showcasing opulence, luxury amenities, and a growing trend in high-profile transactions, solidifying the city's status as a global real estate powerhouse.

Sunita Iyer

First Published Jan 4, 2024, 3:58 PM IST | Last Updated Jan 4, 2024, 3:58 PM IST

Dubai, known for its opulent lifestyle and futuristic skyline, has once again captured global attention with the listing of the Super Penthouse R1 at Raffles The Palm Dubai Residences for a record-breaking DH600 million ($163 million). Owned by the Emerald Palace Group (EPG), this luxurious property, spanning an impressive 77,707 square feet, promises to redefine luxury living in the heart of the city.

The Super Penthouse R1, occupying the top three floors and rooftop of the building, is set to become a symbol of extravagance in Dubai's real estate landscape. Seran Gheorghe, EPG's vice president and director of sales for Raffles The Palm Dubai Residences, believes that this sale will mark a significant milestone in the history of Dubai's real estate market.

This opulent eight-bedroom residence boasts an array of luxurious amenities, including a private elevator, indoor/outdoor cinemas, a gym, a basketball court, spa and wellness area with a cryogenic room and a hay relaxation room. The property also features an outdoor pool, barbecue area, mini-golf course within a meditation garden, cigar lounge, and a bar with a breathtaking 360-degree view of the Arabian Gulf. A central terrace for hosting large gatherings and a dining room with a Teppanyaki kitchen capable of accommodating 20 guests add to the allure of this magnificent property.

The listing of the Super Penthouse R1 follows a trend of record-breaking sales in Dubai's luxury property market. In November, a five-bedroom penthouse at Como Residences in Palm Jumeirah was sold for a staggering DH500 million. Earlier in June 2023, the Bugatti Residences by Binghatti presented the Sky Mansion Penthouse with a jaw-dropping price tag of DH750 million. The surge in such high-profile transactions reflects the growing demand for extravagant living spaces in the city.

Industry experts predict a continuous surge in luxury residential home prices in Dubai, solidifying the emirate's position as a prominent player in the global real estate market. Prime areas, including the iconic Palm Jumeirah, are expected to witness a 5% increase in home prices, while non-prime markets may experience a 3.5% uptick. The demand for luxury properties by ultra-high-net-worth individuals is a driving force behind this trend.

Potential homeowners are offered the opportunity to customize the Super Penthouse R1 with extraordinary features to create their own paradise. According to Gheorghe, the handover is scheduled to be completed in 15 months from the date of booking, adding an element of anticipation for those fortunate enough to secure this unparalleled residence.

Dubai's real estate market continues to reach new heights, with the Super Penthouse R1 at Raffles The Palm Dubai Residences symbolizing the epitome of luxury living. As the city positions itself as a global real estate powerhouse, the demand for such extravagant properties only seems set to grow, further solidifying Dubai's status as a playground for the world's elite.

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