By Rania Abu Shamala
ISTANBUL (AA) – Dubai set a new world record for the real estate market on Friday, with the most expensive penthouse sale in the Middle East for 550 million dirhams (about $150 million) at the Bugatti Residences.
The transaction, concluded by Binghatti Chief Sales Officer Abdullah Binghatti, marks the highest price per square foot ever recorded in Dubai’s Business Bay, reaching 11,650 dirhams ($3,172) per square foot.
In a statement, Binghatti Chairman Muhammad Binghatti said the company has ranked first in Dubai’s real estate market so far this year, with more than 14,000 units sold, surpassing both public and private competitors.
“As Dubai’s fastest-growing real estate player, Binghatti has now risen into the top three developers in the city, commanding a significant share of the market according to the latest Dubai Land Department figures,” he said.
The ultra-luxury penthouse spans 47,200 square feet and is part of Bugatti Residences, the world’s first residential development branded by Bugatti.
The development has attracted several global figures, including football star Neymar Jr., Italian tenor Andrea Bocelli, and professional footballer Aymeric Laporte, who have purchased residences within the project.
Located in the heart of Business Bay, Bugatti Residences blends French-inspired design with Dubai’s metropolitan character and offers access to major business districts and landmarks.
The project features ultra-luxury homes, Sky Mansion penthouses, high levels of privacy, and bespoke amenities.
Binghatti said the record-breaking sale further reinforces Dubai’s position as a global hub for luxury real estate and highlights the company’s continued focus on delivering high-end architectural developments.
Binghatti Holding Limited is one of the UAE’s fastest-growing real estate developers, with a portfolio of more than 80 projects valued at over 70 billion dirhams ($19 billion).
The company has partnerships with global brands including Bugatti, Mercedes-Benz, and Jacob & Co., and holds credit ratings of BB- from Fitch and Ba3 from Moody’s.