Private luxury property developer Omniyat announced on Thursday the sale of a penthouse for Dh139 million ($37.8 million) in the Burj Khalifa district, establishing it as the most expensive property in the area.

The luxurious four-bedroom penthouse, located at The Lana Residences, Dorchester Collection, offers a spacious 16,594 sqft area with stunning views of the Marasi Marina situated between the Burj Khalifa District and the Dubai Design District.

Dubai’s luxury and branded real estate market has witnessed significant expansion over the past three years, driven by the influx of high-net-worth individuals to the city. Knight Frank’s latest report indicates that 56 properties valued over $25 million were sold in Dubai last year, with an additional 12 properties worth $25 million being sold in the first quarter of this year.

With 431 luxury property sales valued at $10 million-plus, Dubai topped the list of cities in this category last year, followed by London (240), New York (211), Hong Kong (163), and Los Angeles (161). The sale of Omniyat’s penthouse atop One at Palm Jumeirah, Dorchester Collection, Dubai, for Dh102 million in 2017 marked one of the most expensive property transactions in the UAE at the time.

In 2023, the Sky Palace at AVA at Palm Jumeirah surpassed this record with a sale price of Dh220 million. Mahdi Amjad, the founder and executive chairman at Omniyat, described the penthouse as more than just a property, emphasizing its role as a meticulously curated sanctuary that embodies harmonious balance.

Omniyat has recently completed the acquisition of Marasi Bay Marina from Business Bay LLC, marking a significant milestone for the company as it envisions a pioneering transformation of the area due to its strategic proximity to Downtown.

Amjad stated, “The acquisition of Marasi Bay Marina signifies a once-in-a-generation reimagining of the area. The unparalleled features of this location will enable us to develop an exclusive, innovative lifestyle destination previously unseen in Dubai.”