One mogul who has NOT been put off Dubai: Estate agent sells Emirate’s record-breaking penthouse for £95MILLION even though it hasn’t been built yet
One mogul who has NOT been put off Dubai: Estate agent sells Emirate’s record-breaking penthouse for £95MILLION even though it hasn’t been built yet
Amid ongoing tensions with Iran, a wealthy entrepreneur has remained undeterred by Dubai’s recent challenges, investing £95 million in a penthouse that is yet to take shape. The property, spanning 31,108 square feet across three floors, is part of a larger development project and will feature eight parking spaces, six ensuite bedrooms, and a rooftop pool offering panoramic views of the urban skyline and Jumeirah’s coastal sands.
The sale was finalized in December, with official registration with the Dubai Land Department occurring just three weeks later on March 3. An undisclosed commission was paid to Jimmy Widen, a 41-year-old Swede who founded the Dubai and Marbella-based agency 3SA Estate, on March 10. Despite the geopolitical unrest, the European buyer proceeded with the transaction, highlighting the confidence in the city’s real estate market.
A Record-Breaking Investment
Jimmy Widen noted that the penthouse, priced at €110 million, ranks as the third most expensive in Dubai but holds the distinction of being the largest by square footage. “The largest off-plan property I had sold before this was €8.2 million, so you can imagine the difference,” he remarked to the Times. The payment plan includes four stages: 30% upon signing, 10% after one year, another 10% the following year, and 50% upon project completion, projected for 2030.
“It’s not a spontaneous buy with something like this, it’s a strategic decision to put the money in a very safe investment. On this level it’s very rare that people wobble. I think of course you always have a force majeure clause, and that could have been the case. They didn’t want that, they wanted to proceed with the deal,” Mr Widen explained.
Dubai’s Shifting Image
Once a tax-free haven drawing social media stars and British expats seeking warm weather and low crime, Dubai’s reputation has been tested by the conflict. Recent attacks, including strikes on airports and financial hubs, have shaken its carefully curated image. Thousands of residents have evacuated, some vowing not to return as the Islamic Republic targets iconic landmarks like the Fairmont hotel on Palm Jumeirah.
Over 63,000 Britons have left the region since the Middle East conflict began, according to government data. Wealthy expats are now relocating to Ireland and France to avoid UK tax liabilities. Those living abroad have already used their annual allowance for days spent in Britain, with some attempting to claim additional tax-free days through an ‘exceptional circumstances’ provision before the financial year ends.
Meanwhile, 45 individuals of various nationalities have been detained in Abu Dhabi for distributing misleading information. The situation underscores growing uncertainty, yet the penthouse’s sale signals continued faith in Dubai’s long-term appeal as an investment destination.