Omniyat, a private luxury property developer, announced on Thursday the sale of a penthouse for Dh139 million ($37.8 million) in Dubai’s Burj Khalifa district, marking it as the area’s most expensive property transaction to date.Located within The Lana Residences, Dorchester Collection, the four-bedroom penthouse spans an impressive 16,594 square feet and boasts stunning views overlooking the Marasi Marina, situated between the Burj Khalifa District and the Dubai Design District.
The surge in Dubai’s luxury and branded property market has been notable over the past few years, driven largely by high-net-worth individuals flocking to the city. According to Knight Frank’s latest report, Dubai saw 56 property sales exceeding $25 million last year, with an additional 12 such sales in the first quarter of this year alone.
Dubai continues to dominate globally in terms of luxury property transactions, with 431 properties valued at $10 million or more sold last year. This was followed by London (240), New York (211), Hong Kong (163), and Los Angeles (161).Previously, Omniyat made headlines with the sale of a penthouse atop One at Palm Jumeirah, Dorchester Collection, Dubai, fetching Dh102 million in 2017, which at the time was among the UAE’s most expensive property transactions.
This was further eclipsed by the sale of the Sky Palace at AVA at Palm Jumeirah for Dh220 million in 2023.“This property is more than just a residence; it embodies a sanctuary where every aspect has been meticulously designed to evoke a sense of harmonious balance,” remarked Mahdi Amjad, founder and executive chairman at Omniyat.Ad powered.
Omniyat’s recent acquisition of Marasi Bay Marina from Business Bay LLC represents a significant strategic move, positioning the company to transform the area into an exclusive lifestyle destination, given its prime proximity to Downtown Dubai.
“The acquisition of Marasi Bay Marina marks a transformative opportunity for the area, showcasing its unique attributes that will enable us to create a lifestyle destination in Dubai unlike any other,” added Amjad.
