For those who enjoy the high life, this vast 7,800 square foot five bedroom penthouse overlooking both Palm Jumeirah and Sky Dive Dubai provides the epitome of Dubai living.
True, it may not be in the Burj Khalifa or on the Crescent of the Palm, but the apartment, located slap bang in the middle of Dubai Marina, the largest man made marina in the world, has views of both of these, Dubai’s most famous attractions.
The grand apartment is located at the top of the 63-storey Emirates Crown, a 296 metre tower which was the sixth tallest building in Dubai and 45th tallest in the world when it was completed just before the global financial crisis hit Dubai in 2008.
As with many things in Dubai, the blue glass tower topped with its pointy white ‘crown’ edifice, is starting to feel a little old hat these days with scores of new tall buildings overtaking it in height and the design reminding one a little of the sort of prefabricated sixth form blocks local authorities on a budget put up in the UK.
But, inside the recently renovated apartment and checking out the view all of that is forgotten.
With high ceilings, parque floors, and huge glass chandelier, the apartment exudes a sort of fin de siecle decadence which might not be to everyone’s style.
Perhaps the most exciting part of the interior décor is the lounge fitted with a TV screen large enough to rival cinema screens in a number of small towns.
There is also a master bathroom which includes a free-standing bath, separate shower and an onyx wall – one of those semi-translucent glowy yellow stone screens which you only see in posh offices and rich people’s bathrooms.
But with a price tag of an eye watering Dh34 million, it’s little wonder that this apartment has been on the market since November with few bites so far from interested buyers.
“This is a one off and very rare opportunity to buy an apartment of this quality of finish in Dubai,” says Victoria Garrett associate partner at selling agent Knight Frank’s Dubai office.
“There are probably only a handful of buyers around the world who this sort of apartment would suit and who would have the sort of money to be able to afford the asking price so we expect a sale of this sort of property would take a while,” Ms Garrett added.
Why Dubai Marina?
As the largest man-made marina in the world, Dubai Marina offers residents a host of retail, leisure and dining opportunities, with The Dubai Marina Mall, the 5-star Address Dubai Marina Hotel, and Pier 7 being the stand out attractions. In addition to this, the stunning views, close proximity to the beach, and the luxurious yacht and city lifestyle that is portrayed throughout make Dubai Marina one of the most sought after addresses in Dubai.
As an established location in Dubai it’s also one of the more expensive places to buy or rent. If you’re looking for a value proposition then you’re better off in one of the emerging locations.
Is it a good time to buy in Dubai?
With JLL predicting that house prices in Dubai will fall by an average of 10 per cent and Standard & Poor’s predicting that prices could go down as much as 20 per cent this year many people would say no. However, that might mean that long term investors could manage to negotiate a bit of a bargain.
What do the agents say?
“To be honest the market is a lot slower and transaction volumes are lower,” says Victoria Garrett. “The market is slow across the board but we have still been achieving premium prices once the right person walks through the door.”
Top 5 tallest residential buildings in Dubai Marina:
Princess Tower – 414.0 meters
23 Marina – 392.75m
Elite Residence – 381m
Marina Torch – 348m
Ocean Heights – 310m
Source: Council on Tall Buildings and Urban Habitat