Expat Case Study Luxury Penthouse Dubai

Aug 17, 2024

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Introduction

Luxury penthouse in Dubai symbolizes ‘living the high life’ for most of the residents, especially the executives working in the city. These residences are located at a strategic position with stunning features, well equipped, and fitted with the best services. To this end, this case study will seek to understand the lifestyle of expatriates who are living in Dubai’s upscale houses.

Image name: Luxury-Penthouse-Dubai

Image alt: A luxurious outdoor living space with stunning city views for expats.

By taking into account the current state of luxury real estate, analysing what a typical penthouse entails, and exploring the perspectives shared by expats who have opted for this type of residence in Dubai, one can gain an accurate understanding of the advantageous features associated with owning such property.

Background on Dubai’s Luxury Real Estate Market for Expats

In the recent past, Dubai has become a world force in the luxury property market especially whenever the global economy is in the red. In Q2 alone in 2023, Dubai registered $1. 582 billion in super-prime property sales putting it ahead of other global cities such as New York and London. The resulting exceptional growth as illustrated by the sales of 95 properties, each with a value of $10 million and above, shows that Dubai City breaks neck expatriates and investors.

City	Q2 2023 Super-Prime Sales Volume	Number of Transactions	Growth in Sales (Q2 2022 – Q2 2023)
Dubai	$1.582 Billion	95	+79%
New York	$1.142 Billion	67	N/A
London	$1.034 Billion	54	N/A
Hong Kong	$834 Million	42	N/A

Total (Top Cities)

$4.592 Billion

258

The luxury property sector in the city gains from an increased number of wealthy people from various origins such as crypto millionaires, and the Russians amid stability and decor lifestyle in the Dubai market.

While other markets have felt the heat of the rise in global interest rates, Dubai has remained unshaken with super-prime property sales in the region rising by 79% in Q2 2023 from Q2 2022. Fear of new supplies already coming onto the market is expected to intensify competition and prevent excessive growth in prices, thus attracting Dubai to the wealthy and affluent buyers interested in luxury properties.

Profile of a Typical Luxury Penthouse

Ideal for those with ample capital who desire faster returns and higher yields, this elite investment potential in Dubai is located within the prestigious Damac Towers by Paramount Hotels and Resorts at Business Bay.

Details of The Property in Brief

Type: Apartment
Size: 87 sqm (1 Bedroom)
Price: AED 2,400,000
Location: Damac Towers, Business Bay, Dubai

Its prime position amidst the lively commercial and entertainment hub of Dubai makes it a desirable location surrounded by famous landmarks like Burj Khalifa, the International Finance Center, and The Dubai Mall.

An opulent penthouse spread across 87 square meters boasts one bedroom with two bathrooms priced at $653,416which offers luxurious amenities such as an infinity pool along with extensive sundecks providing panoramic views over the splendid locale around the Burj area.

This property has the potential to ensure investors’ annual appreciation rates of approximately 12 % alongside gross rental returns crossing an impressive threshold of up to 4.4%, making it a highly remunerative choice amongst other similar properties available on the market today!

Expat Experience Living in a Luxury Penthouse

Living in a luxury penthouse in Dubai offers expats an experience unlike any other. The combination of luxury, convenience, and exclusivity makes it a desirable choice for many.

Lifestyle and Comfort

These are large and spacious with the finest quality of interior decoration and exterior facilities like swimming pools, tennis floors, and views of the skyscraper. K Estates describes these houses as comfortable and exclusive and have brilliant interiors and the newest home automation.

Community and Social Life

These properties are ideal for the nouveaux riches international people therefore creating rich and lively neighbourhoods. Prop Penthouse demonstrates how the residents can gain value from the networking prospects and social activities that are carried out within the community. This environment promotes inter and intrapersonal relationships as well.

Challenges

However, life may not all be rosy and free of hitches particularly because indeed life as an expat may be as follows; Dubai in particular is known for having a slightly different approach to housing, and with any overseas venture there is certainly no harm in reading up on local etiquette.

Practical Considerations for Prospective Expats

That being the case, here are the questions people who plan to relocate to a luxury penthouse in Dubai should answer.

Cost of Living

As much as people enjoy living in luxury penthouses, the costs are usually off the roof such as rent, utility bills, maintenance, and property management among others. Some of these costs are recurring and therefore it is important to include these costs in one’s budgeting appropriately. As pointed out by Deloitte’s report, the affordability of living in luxurious houses in Dubai is relatively higher than in other parts of the globe.

Relocation Tips

During moving, people should involve professional agents who specialize in the luxury property markets of Dubai. This is also important in might and influenced by the distance between the place and work or school and other necessities. In its recommendation, Bloomberg recommends that it is easier and quicker to work with a trusted agency.

Insurance And Security

It is therefore advisable to take an insurance cover for any luxury property as well as install various forms of security. There is a need for the expats to make sure that they have the property insured fully, and also that the building has tight security measures put in place. Forbes has noted that security should be round the clock and that properties should be fitted with the latest security cameras.

The Bottom Line

Staying in a luxury penthouse in Dubai preserves expatriates’ high standards; comfort and exclusivity of living luxuriously. The city has not slowed on the luxury real estate segment, recording a tremendous increase in the sale of super-prime properties and higher customer demand from high-net-worth purchasers. A normal penthouse home allows for large space luxuriously

More amenity packages fit into the penthouse due to the bigger space it provides and also come with prestigious locations such as Palm Jumeirah and Downtown Dubai. Nonetheless, like any other beautiful paradise, it might not be without its drawbacks which include; costly prices and the bearings of a new culture.

Subsequently, those willing to overcome these obstacles to get a luxury penthouse Dubai you can contact our experts at Penthouse International.