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.”
