On Thursday, private luxury property developer Omniyat announced the sale of a penthouse for Dh139 million ($37.8 million) in the Burj Khalifa district, marking it as the priciest property in the area.
The four-bedroom penthouse, located in the newly opened The Lana Residences, Dorchester Collection, covers over 16,594 square feet and overlooks the Marasi Marina, situated between the Burj Khalifa District and the Dubai Design District.
Dubai’s luxury and branded market has experienced significant growth over the past three years, fueled by the influx of high-net-worth individuals to the city.
According to Knight Frank’s latest report, 56 properties valued at over $25 million were sold in Dubai last year, while 12 properties worth $25 million were sold in the first quarter of this year.
Dubai has consistently been ranked as the top city for luxury property sales, with 431 properties valued at $10 million or more sold last year, followed by London (240), New York (211), Hong Kong (163), and Los Angeles (161).
Previously, Omniyat’s penthouse atop One at Palm Jumeirah, Dorchester Collection, Dubai was sold for Dh102 million in 2017, making it one of the most expensive properties ever sold in the UAE at the time. This was surpassed by the record-breaking sale of the Sky Palace at AVA at Palm Jumeirah, which sold for Dh220 million in 2023.
“This is more than just a property; it’s a sanctuary in which every detail has been thoughtfully curated to evoke a sense of harmonious balance,” said Mahdi Amjad, founder and executive chairman of Omniyat.
Omniyat recently acquired Marasi Bay Marina from Business Bay LLC, marking the company’s first acquisition of this kind.
“The acquisition of Marasi Bay Marina represents a once-in-a-generation transformation of the area, with its prime location near Downtown. The unique characteristics of the location will allow us to create an exclusive, conceptual lifestyle destination unlike any seen in Dubai,” said Amjad.
