Private luxury property developer Omniyat Thursday said it sold a penthouse for Dh139 million ($37.8 million) in Burj Khalifa district, making it the most expensive property in the area.

The four-bedroom penthouse at the newly opened The Lana Residences, Dorchester Collection, spans over 16,594 sqft, overlooking the Marasi Marina between the Burj Khalifa District and the Dubai Design District.

Dubai’s luxury and branded market has seen massive growth over the last three years, driven by high-net-worth individuals flocking to the city.

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According to Knight Frank’s latest report, 56 properties with a value of over $25 million were sold in Dubai last year while 12 properties worth $25 million were sold in the first quarter of this year.

Dubai has been consistently ranked as the top city in terms of luxury property sales, reaching 431 last year with a value of $10 million-plus, followed by London (240), New York (211), Hong Kong (163) and Los Angeles (161).

Earlier, Omniyat’s penthouse atop One at Palm Jumeirah, Dorchester Collection, Dubai was sold for Dh102 million in 2017, becoming at the time one of the most expensive properties ever sold in the UAE. This was followed by the record-breaking sale of the Sky Palace at AVA at Palm Jumeirah, for Dh220 million in 2023.

“This is more than just a property; it’s a sanctuary in which every detail has been thoughtfully curated to evoke a sense of harmonious balance,” said Mahdi Amjad, founder and executive chairman at Omniyat.