The luxury real estate market in Dubai broke a new record with the sale of a penthouse at Bugatti Residences by Binghatti for roughly $150 million.
According to combined media reports, the 47,200-square-foot penthouse was transacted by Abdullah Binghatti, chief sales officer of Binghatti, a Dubai-based developer The buyer’s identity was not disclosed, although Bugatti Residences by Binghatti has attracted high-profile homeowners including acclaimed tenor Andrea Bocelli and soccer stars Neymar Jr. and Aymeric Laporte.
The sale is being promoted as being both a new record for the United Arab Emirates and the wider Middle East. Binghatti Chairman Muhammad Binghatti announced the sale by declaring, “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.”
A good psychologist would have been a better investment!
Or Philanthropy might be a good idea with that much money!
The sale is wonderful! The buyer spread money that had accumulated back out into the economy. That same money will be spent again spreading throughout the economy. Everyone benefits from this sale over time. No one needs to tell the current owner of money, how to spend it. Ever. The economy functions best free