Nobu penthouse shatters Abu Dhabi sales record

WAM

A three-bed penthouse at Nobu Residences on Saadiyat Island has sold for AED137 million ($37.3 million), fetching the highest price per sq m ever seen in Abu Dhabi, at AED96,000 ($26,137), Aldar Properties has claimed.

It comes after the sale of a four-bed duplex sky villa in Nobu Residences for AED130 million, the state-run WAM news agency reported.

“Year on year, we are seeing healthy increases in both the volume and value of homes purchased, driven by supportive government policies and initiatives that have increased the attractiveness of Abu Dhabi. We expect this trend to continue,” said Talal Al Dhiyebi, group CEO of Aldar, the largest developer in Abu Dhabi,.

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Nobu Residences Abu Dhabi is one of the first branded residences for the US-based luxury lifestyle brand Nobu Hospitality in the Middle East.  

Last month Aldarr said its net profit rose 40 percent year on year to AED4.4 billion ($1.2 billion) in 2023 as annual revenue jumped 26 percent to AED14.2 billion.

In a report, Savills Middle East said property sales in Abu Dhabi’s residential sector were up 83 percent year on year in 2023 as a raft of new launches enticed buyers to the off-plan market.

More than 8,000 new units came on the market to meet growing demand in the UAE capital, with under-construction properties accounting for three quarters of the 11,200 transactions last year.