Latest news with #penthouses
Khaleej Times
23-07-2025
- Business
- Khaleej Times
Penthouses remain Dubai's rarest luxury asset amid realty boom
Dubai's luxury real estate sector continues to surge, but a new analysis reveals that the crown jewels of this market — penthouses — remain among the rarest and most coveted assets across the city. Despite Dubai being home to an expansive portfolio of upscale residences, penthouses account for just 0.8 per cent of all properties currently listed for sale, according to new research by eXp Dubai. The study, which examined current property listings citywide, underscores the exclusivity of penthouse living in Dubai. These ultra-premium units, often perched atop the city's tallest towers with sweeping views and bespoke interiors, represent the pinnacle of urban luxury but are in short supply. Among the areas with the highest relative penthouse availability is The Hills, where 12.9 per cent of listed homes are penthouses. Dubai Internet City follows with 8.6 per cent, suggesting a strong cluster of vertical luxury offerings. Palm Jumeirah, long considered a symbol of opulence, records a modest 4.3 per cent penthouse share — equal to that of Sheikh Zayed Road. Jumeirah offers 3.9 per cent and Dubai Marina 3.0 per cent, giving prospective buyers some access in prime beachfront and waterfront locations. However, in many of the city's major residential developments, penthouses are nearly absent. In Jumeirah Village Circle and Dubai Sports City, penthouses make up only 0.2 per cent of the market. Even in high-profile master-planned areas like Dubai Hills Estate and Sobha Hartland, the share drops to a mere 0.1 per cent. Other communities such as Al Furjan, Majan, and Dubai Silicon Oasis register penthouse availability below 0.1 per cent. This shortage illustrates the intense exclusivity of penthouse ownership in Dubai. While luxury villas and upscale apartments are widely available, penthouses — with their private pools, high ceilings, panoramic skyline views, and often bespoke architecture — remain a niche but aspirational category for global investors and ultra-high-net-worth individuals. Dounia Fadia, managing director of eXp Dubai, noted that penthouses represent the 'ultimate prize' in Dubai's luxury property market. 'Dubai's property market continues to thrive with luxury offerings in abundance, but penthouses remain the ultimate prize, offering unparalleled prestige, views, and exclusivity. This rarity makes them highly sought after, which is reflected in their limited availability across most areas,' she said. She also stressed the importance of professional guidance in navigating the high-end segment, adding, 'Our analysis highlights just how unique penthouse ownership is in Dubai's vibrant real estate landscape and further demonstrates the importance of an excellent agent in helping with your property search.' Analysts attribute the penthouse scarcity to both limited original supply and the tendency for these homes to be tightly held by owners who see long-term value. As demand for elite real estate rises, penthouses are being increasingly viewed not just as homes but as trophy assets, with values appreciating significantly faster than standard luxury apartments. The growing global attention on Dubai's luxury sector is also pushing prices up. According to Knight Frank, Dubai ranked as the world's top-performing luxury housing market in 2023, and the momentum has carried into 2025, driven by strong interest from investors across Europe, India, China, and the CIS countries. The city's tax-free environment, security, lifestyle offerings, and resilient economy continue to position it as a magnet for global wealth. Another factor driving penthouse appeal is their alignment with the evolving expectations of global elites, who increasingly value privacy, amenities, and a high level of customization. Many newer penthouses come with private elevators, sky terraces, gyms, and spa facilities, creating a vertical villa experience within bustling urban environments. V. Sivaprasad, chairman of Condor Developers, said as Dubai's real estate market matures and expands its luxury segment, the scarcity of penthouses is likely to persist. 'Developers are now beginning to include more of these units in upcoming flagship projects, but supply will remain tightly constrained due to design limitations and the premium positioning of such homes.' Jayakrishan Bhaskar, director of Ozon Marketing, said for discerning buyers seeking the pinnacle of luxury living in Dubai, 'penthouses offer not just square footage and views, but a level of status, scarcity, and lifestyle unmatched in the region.'
BBC News
17-07-2025
- Business
- BBC News
Plans for Redcar town centre flats and penthouses
Plans to add two storeys to a town centre building could see it turned into an apartment block with Estates wants to develop Craigton House, in West Terrace, Redcar, into a 31-apartment block, including penthouse suites with sea views from rooftop property currently hosts retail businesses on the ground floor with nine flats spread over the first and second submitted as part of a consultation launched by Redcar and Cleveland Council on the scheme raised concerns about parking, with 17 spaces planned. The flats would be a mix of one, two and three bedrooms, with up to five of them being affordable, reports the Local Democracy Reporting Service. "There is a recognised shortage of housing supply in the Redcar area, particularly for local residents seeking accessible, affordable, and varied accommodation types," the developer said in planning added it was aware the proposal fell below the guidelines of 1.5 parking spaces per home, but the site's "highly sustainable location" justified the shortfall."Public transport links are very close by, including buses and the local train station and the building is close to town centre amenities," the developer the objections, one resident said: "This doesn't provide enough parking for one per unit."This area of the town is already overcrowded parking-wise, leading to illegal parking and traffic problems."Meanwhile a shop owner said the current car park was only intended for loading and unloading, not for permanent have until 8 August to submit their comments to the council on the plans. Follow BBC Tees on X, Facebook, Nextdoor and Instagram.
