Bahrain – A luxury apartment in Dubai has been sold off-plan for 422 million dirhams ($114.91 million), in a deal hailed as a strong sign of confidence in the city’s property market and the UAE’s security.
The 31,201 sq ft apartment at Aman Residences Dubai on Jumeirah Peninsula was sold yesterday, Fam Properties confirmed.
The deal is valued at Dh13,525 per square foot, according to data from DXBinteract, a data platform developed by the company in partnership with Dubai Land Department.
Firas Al Moussadi, CEO of Fam Properties, said: “The sale of an ultra-luxury villa at this level is particularly relevant in the current situation. This highlights the fact that Dubai’s real estate market is structurally stronger than ever.”
“More than 70% of transactions are now end-user driven rather than speculative. The buyer base is globally diverse. Mortgage transactions have doubled in four years.”
“The regulatory environment has matured. The UBS Global Real Estate Bubble Index rates Dubai as medium risk, while cities like Miami and Tokyo are in high-risk zones. Fundamentals did not change overnight due to regional events.”
“And of course, the great efforts the UAE authorities have made to keep everyone who lives and works here safe at all times sends the strongest possible message to investors.
“That has been the case for a long time, and the impact of all this is highlighted by an apartment selling for Dh422 million in a situation where the eyes of the world are on Dubai and the Gulf region.”
He said this is a sale that says a lot about the UAE as a whole and, in this case, Dubai in particular, one of the world’s leading destinations for wealthy real estate investors.
“Headlines from other regions paint one image of the UAE, but for those of us who live and work here, the reality is quite different,” he pointed out.
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