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SINGAPORE (March 10): A penthouse at Aman Residences Dubai, a luxury residential development in the Jumeirah Peninsula in the UAE, was sold for AED422 million (RM452.62 million) on March 5, transaction data published by the Dubai Land Department shows. The unit, which measures 2,898 sq m (31,194 sq ft), is a six-bedroom property.
According to Gulf News, the property was sold off-plan and marks the third most expensive apartment ever sold in Dubai. Aman Residences Dubai is being developed by Dubai-based developer H&H Development, with the beachfront branded residence slated for completion in 2027.
The transaction comes despite heightened geopolitical tensions in the Middle East. On Feb 28, the US and Israel launched a military operation against Iran, prompting retaliation by the latter that included ballistic missiles and drones targeting US bases in the UAE and other Gulf nations.
In Dubai, debris from intercepted drones was reported to have caused damage to various areas, including Dubai International Airport, the Palm Jumeirah development and Jebel Ali Port.
Notwithstanding the conflict, real estate transactions have continued to take place in Dubai. Dubai Land Department data shows that over the week of March 1 to 7, more than 2,100 real estate sale transactions worth AED8.15 billion were recorded, including the sale of the penthouse at Aman Residences Dubai.
Nonetheless, momentum has slumped, with the number of deals recorded over the week significantly lower compared to weeks before the war. In February, real estate sales transaction volume averaged closer to 4,000 deals per week, while weekly transaction value averaged around AED15 billion.
Last year, the Dubai housing market logged record sales, with Knight Frank estimating over 205,000 residential transactions worth AED544.2 billion in 2025, representing an 18% y-o-y increase in volume and a 25% y-o-y increase in transaction value.
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