Emirates Palace Group has announced the unveiling of Dubai’s largest penthouse for sale, priced at AED600 mn, Invest-Gate reports.

The penthouse spans 77,710 sft, with a delivery timeline of 15 months from the reservation date.

Anticipated real estate trends in key Dubai markets, like Palm Jumeirah, suggest a 5% price increase, while non-primary markets are expected to grow 3.5%.

Last August, Raffles Palm Dubai emerged as Dubai’s most sought-after residential building for penthouse searches, comprising 61.96% of total searches. Mira Tower followed closely at 20.47% and Anantara Residences South at 17.57%.

Notably, Provident Estate sold the Como Residences penthouse by Nakheel for AED500 mn in November, setting a record as the most expensive penthouse ever built and sold in Dubai.

Moreover, this sale surpassed previous records, including a property in Marsa Arab for AED420 mn and another in Bulgari Light House for AED410 mn, according to recent data from the Dubai Land Department.

In the global context, penthouse D in One Hyde Park, London, priced at $237 mn, ranks third among the world’s most expensive penthouses. Odéon Tower’s penthouse in Monaco claims the top spot at $440 mn.

Recent data from Dubai’s Land and Property Department indicates total real estate transactions in the emirate reached about AED 432 bn from the beginning of 2023 until the end of October.

Notably, these transactions, totalling 133,183, reflect a 27.8% and 17.3% increase in value and volume, respectively, compared to the same period in 2022, which recorded AED 283 bn from 85,941 transactions.