Page 62 - Emerald Palace Group - JANUARY 2024

1/5/24, 12:08 PM Luxurious 77,000 sq ft Dubai penthouse with cryogenic room and hay beds goes on sale for record $163 million
Arabian Gulf. A central terrace for hosting large gatherings and a dining room with a Teppanyaki kitchen capable of accommodating 20
guests add to the allure of this magnificent property.

The listing of the Super Penthouse R1 follows a trend of record-breaking sales in Dubai's luxury property market. In November, a five-
bedroom penthouse at Como Residences in Palm Jumeirah was sold for a staggering DH500 million. Earlier in June 2023, the Bugatti
Residences by Binghatti presented the Sky Mansion Penthouse with a jaw-dropping price tag of DH750 million. The surge in such high-
profile transactions reflects the growing demand for extravagant living spaces in the city.

Industry experts predict a continuous surge in luxury residential home prices in Dubai, solidifying the emirate's position as a prominent
player in the global real estate market. Prime areas, including the iconic Palm Jumeirah, are expected to witness a 5% increase in home

prices, while non-prime markets may experience a 3.5% uptick. The demand for luxury properties by ultra-high-net-worth individuals is a
driving force behind this trend.

Potential homeowners are offered the opportunity to customize the Super Penthouse R1 with extraordinary features to create their own
paradise. According to Gheorghe, the handover is scheduled to be completed in 15 months from the date of booking, adding an element
of anticipation for those fortunate enough to secure this unparalleled residence.

Dubai's real estate market continues to reach new heights, with the Super Penthouse R1 at Raffles The Palm Dubai Residences
symbolizing the epitome of luxury living. As the city positions itself as a global real estate powerhouse, the demand for such extravagant
properties only seems set to grow, further solidifying Dubai's status as a playground for the world's elite.

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