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Abu Dhabi apartment sells for record £29 million

A three-bed penthouse in Abu Dhabi has sold for AED 137 million (£29 million), the most expensive apartment ever sold in the city.

The sale of the Nobu Residences Abu Dhabi penthouse represents the highest price per square metre achieved in the emirate, at more than AED 96,000 per sqm.

Abu Dhabi is said to be attracting more people due to its business-friendly environment, beachside living, entertainment industry, and 10-year Golden Visa programme.

Talal Al Dhiyebi, group chief executive at Aldar, said: “This milestone transaction at Nobu Residences not only sets a new benchmark for residential property in Abu Dhabi but also underscores the maturity of the real estate market.

“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 as a place where people want to live and see real opportunity for investment.

“We expect this trend to continue as we bring some of the UAE’s most luxurious lifestyle concepts to life on Saadiyat Island and across Abu Dhabi’s prime locations.”

The residences’ location on Saadiyat Island contributes to the valuation, as the Saadiyat cultural Ddstrict has a square mile of five major museums nearing completion, including Guggenheim Abu Dhabi.

The Louvre Abu Dhabi already welcomes thousands of international visitors each year.

Rashed Al Omaira, acting director general at ADREC, said: “Abu Dhabi’s real estate sector continues to gain significant momentum with a sustained surge in demand across property types.

“This new record reflects the resilience and maturity of our real estate market, reaffirming the solid growth of Abu Dhabi as a preferred place in which to live, work, and invest.

“QBy steadily expanding new horizons, our mission remains to develop outstanding residential projects that incorporate the unique and diverse cultural ambiance of the emirate of Abu Dhabi, concurrently positioning it as an exceptional destination at the heart of the real estate market worldwide for living and investment.”