Dubai Sets New Record With Dh550 Million Penthouse Sale in Business Bay

Dubai’s luxury real estate market has set a new benchmark with the sale of the most expensive penthouse in the UAE and the Middle East, valued at Dh550 million ($150 million). 

Spanning 47,200 square feet, the penthouse achieved a record price of Dh11,650 per square foot, the highest ever recorded in Business Bay. The deal was concluded by Binghatti’s Chief Sales Officer Abdullah Binghatti, while the identity of the buyer was not disclosed.

The sale surpasses Dubai’s previous penthouse record, held by Nakheel’s Como Residences on Palm Jumeirah, which is scheduled for completion in the third quarter of 2027. Industry analysts note that such transactions highlight the growing demand for ultra-luxury and branded residences in the emirate.

Muhammad Binghatti, Chairman of Binghatti, said the developer has sold more than 14,000 units year-to-date, placing it at the top of Dubai’s real estate market and among the city’s three largest developers by market share, based on Dubai Land Department data.

Bugatti Residences by Binghatti has attracted global attention, with high-profile buyers including footballer Neymar Jr., Italian tenor Andrea Bocelli, and international footballer Aymeric Laporte. The project features ultra-luxury homes and Sky Mansion penthouses designed for privacy and bespoke living.

The record-breaking sale underscores Dubai’s position as a global hub for luxury property and signals continued growth in the city’s high-end residential sector.