Dubai’s Unbuilt Penthouses Hit $24M Bids as Crypto Elite Flock to Ultra-Luxury
Dubai’s skyline isn’t the only thing soaring—penthouse bids just smashed $24 million. For the crypto-rich, blueprints are the new blue chips.
Why buy built when you can bet on the blueprint?
Penthouses still in the drafting phase are drawing seven-figure offers from Bitcoin whales and Ethereum moguls. No walls? No problem. The ultra-wealthy treat floorplans like futures contracts—speculating on luxury before the first brick is laid.
Meanwhile, traditional investors clutch their REITs and whisper about bubbles. Joke’s on them: in Dubai, even the air is leveraged.
Penthouse Boom in Dubai, Where Even the Uber-Rich Compete For a Piece
Dubai boasts the world’s hottest properties with high-yielding rental income. More luxury houses are being sold than in any part of the world. The housing market boom took off after the COVID-19 lockdowns and is yet to cool down. Rents have also doubled and tripled in many localities, making it the most sought-after investment for the wealthy.
The Dubai housing market is such that many houses get sold even before construction. This helps investors net the property at lower rates but hits a peak after the structure is completed. Ready-to-move-in apartments cost a premium, making investors flip the house and double their income in less than four years. Penthouses are now the most attractive piece of property in Dubai for the rich list.
The majority of house hunters are mostly overseas investors, as the sale of luxury apartments has increased by 145%. However, average working-class house buyers are now facing the heat due to the unprecedented price rise. Forget the penthouse or luxury apartment; a mere 1 BHK now costs 600,000 to 900,000 dirhams. The price of a simple 2 BHK is above the 1 million range, making it unaffordable for those who dream of buying a house.
