- Under-construction penthouses in Dubai are experiencing intense bidding, attracting wealthy global buyers.
- Bidders often pay $270,000 upfront for the chance to secure penthouses, with winning bids reaching up to $24 million.
- Dubai’s penthouse prices now compete with those in New York and London.
- Luxury property sales have surged by 145%, primarily driven by overseas investors.
- The sharp increase in housing prices has made even basic apartments unaffordable for many local buyers.
Under-construction penthouses in Dubai have become highly sought after by the ultra-rich worldwide, sparking fierce bidding contests. Interested buyers often pay roughly $270,000 upfront to express interest, but only the highest bidder secures the property, with others receiving refunds. According to reports, bids for these penthouses have climbed as high as $24 million.
A broker at La Capitale Real Estate, Ajay Singh, noted that bidding has surged from an initial $12 million to double that amount. Penthouses in Dubai now compete with high-end properties in New York and London. This demand surge follows a post-pandemic housing market boom, accompanied by significant rises in rental income.
More luxury homes sell in Dubai than in any other global city, with many transactions occurring before construction is complete. This allows investors to purchase at lower prices and realize profits by reselling after completion, sometimes doubling their returns in under four years. Penthouses have emerged as the most coveted luxury segment.
Sales of large apartments have increased by 145%, mainly fueled by foreign investors. However, the rapid price escalation has made even basic housing less affordable for local residents. One-bedroom apartments now cost between $163,000 and $245,000, while two-bedroom units often exceed $272,000, posing challenges for average earners.
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