Dubai penthouse at Armani Beach Residence fetches AED92.5 mil amid Middle East conflict
Launched in 2024, Armani Beach Residences by UAE-based developer Arada will feature 57 units. (Image: Arada website)
[Updated on March 17 with information on the buyer.]
Despite ongoing tensions within the Middle East, an off-plan penthouse in Dubai’s ultra-luxury waterfront development Armani Beach Residence has been sold for AED92.5 million ($32.1 million), real estate agency eXp Realty Dubai said on March 12.
The transaction “reflects sustained demand from high-net-worth buyers seeking premium real estate assets within the emirate”, the company added.
The buyer is Francis Ngannou, a Cameroonian and French professional mixed martial artist (MMA) and professional boxer, Gulf News reported on March 16. The athlete said his decision to invest in Dubai was influenced by the city’s reputation as a global hub for opportunity and investment, and that he believes strongly in its future.
Spanning 11,520 sq ft, the penthouse has five bedrooms and full sea views. The property was purchased off-plan; that is, before construction is completed.
The 57-unit Armani Beach Residences is located on Palm Jumeirah, an iconic man-made island known for its palm-tree shape, alongside other posh apartments and upscale hotels. On March 1, international media outlets reported that fires had broken out at the Palm Jumeirah area amid missile strikes.
Palm Jumeirah in 2023. The island and other landmarks in the city reportedly suffered damage from explosions and debris due to the conflict. (Photo: Unsplash)
Launched in 2024, the Armani Beach Residences project has two- to five-bedroom units, penthouses, and two presidential suites.
It is being developed by UAE-based Arada and designed by Armani/Casa Interior Design Studio (founded by the late Italian fashion designer Giorgio Armani) and the Pritzker Prize-winning Japanese architect Tadao Ando.
The main construction contract, valued at AED678 million ($235.4 million), was awarded to a subsidiary of global construction giant China Railway Group.
“Dubai’s property market has consistently shown an ability to remain resilient even during periods of global uncertainty, and this latest transaction is a clear example of that strength in action,” said Dounia Fadi, managing director of eXp Realty Dubai, in the March 12 release.
“While geopolitical developments often dominate short-term headlines, the underlying fundamentals that drive Dubai’s real estate market remain firmly in place,” she added.
The brokerage continues to see “strong interest” from both regional and international buyers, she said.
Real estate transactions have continued to take place in Dubai while regional tensions escalate, although momentum has slowed.
Last week, another penthouse — a 31,194 sq ft unit at Aman Residences Dubai, developed by Dubai-based H&H Development — was sold off-plan for AED422 million ($147 million).
In the week of March 1 to 7, more than 2,100 real estate sale transactions worth AED8.15 billion were recorded, according to Dubai Land Department data. In February, transaction volume had averaged closer to 4,000 deals per week, while weekly transaction value averaged around AED15 billion.
Some expatriates and their families based in the Middle East region are quietly exploring contingency plans, including the possibility of relocating to Singapore, EdgeProp Singapore reported on March 12. Property leasing agents in Singapore have started receiving more enquiries from expatriates, including ultra-high-net-worth clients, located in the UAE.
Singapore-based hospitality groups with a presence in the Middle East, such as Frasers Hospitality and The Ascott, are also closely monitoring the situation, they told EdgeProp Singapore.
Besides the Palm Jumeirah island, many of Dubai’s other landmarks reportedly suffered damage from explosions and debris in the midst of the conflict. They include the famous Burj Al Arab ultra-luxury hotel, Dubai airport, and the Jebel Ali commercial port.
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