In a landmark deal, Omniyat, a renowned private luxury property developer, has announced the sale of a penthouse for Dh139 million ($37.8 million) in the prestigious Burj Khalifa district. This sale sets a new record for the most expensive property transaction in the area. The lavish four-bedroom penthouse is located at The Lana Residences, part of the Dorchester Collection, and boasts an expansive area of 16,594 square feet with stunning views over Marasi Marina.
This remarkable transaction underscores the ongoing boom in Dubai’s luxury and branded real estate market, which has attracted a significant influx of high-net-worth individuals over the past three years. A recent report from Knight Frank highlights the vibrant activity in this sector, noting that 56 properties each valued over $25 million were sold in Dubai last year, with an additional 12 high-value sales recorded in the first quarter of this year alone.
Dubai continues to lead globally in luxury property sales, with 431 transactions worth at least $10 million each in the previous year, surpassing other major cities like London, New York, Hong Kong, and Los Angeles. This trend is a testament to the city’s appeal as a prime destination for luxury investments.
Omniyat has a history of high-profile sales, including a penthouse at One at Palm Jumeirah, Dorchester Collection, Dubai, which fetched Dh102 million in 2017. More recently, the Sky Palace at AVA at Palm Jumeirah was sold for a record Dh220 million in 2023, further cementing the developer’s reputation for facilitating elite property deals.
Mahdi Amjad, founder and executive chairman of Omniyat, expressed his pride in this latest achievement, describing the penthouse as a sanctuary meticulously designed to offer a perfect balance of luxury and comfort. Amjad also noted Omniyat’s recent acquisition of Marasi Bay Marina from Business Bay LLC, highlighting the strategic importance of this purchase in transforming the area into an exclusive lifestyle destination that is unparalleled in Dubai.
This sale not only reflects the high demand for luxury living spaces in Dubai but also illustrates the city’s ongoing dominance in the global real estate market, promising continued growth and innovation in the sector.
