An exceptional real estate transaction was recently signed in one of the world’s most iconic buildings. The highest private penthouse in the Burj Khalifa tower was sold to an English company owned by Israeli businessman Israel Figa, in a deal estimated at approximately 180 million Dirhams (about $50 million), according to sources in the Gulf real estate industry.
The property is located on the top floors of the tower, which is considered one of Dubai’s ultimate symbols of luxury. This is a private residence situated hundreds of meters above ground level and is defined by market sources as one of the highest residential apartments in the world.
The purchaser is the investment firm Zuma Global, which operates between London and Dubai and is owned by Israeli businessman Israel Figa. The transaction was carried out through a British entity, a common model for high-volume international real estate deals.
When questioned, Israel Figa confirmed that his company is behind the deal but declined to elaborate on the details of the corporate structure or future plans for the property.
Dubai’s Luxury Market Continues to Rise
This deal joins a series of major real estate transactions recently signed in Dubai, a market that continues to attract international capital on a significant scale. In recent years, the city has become one of the world’s most prominent hubs for luxury deals, with penthouses, waterfront villas, and properties in iconic towers often selling for tens or even hundreds of millions of dollars.
According to data from industry research firms, the number of transactions exceeding $10 million in the city has surged in recent years, as investors from Europe, Asia, and the Middle East continue to pour capital into the local market.
A Common Model: Purchase, Upgrade, and Resale
In the international luxury market, transactions of this type do not always end with the mere purchase of the property. Industry sources note that unique properties in iconic towers are often purchased, undergo significant renovation and appreciation, and are subsequently resold at much higher prices.
In many cases, the appreciation process includes full interior design, the use of rare finishing materials, and the procurement of custom furniture from international luxury brands. This includes, among others, design pieces custom-made by luxury automotive brands such as Bentley, alongside leading Italian design and furniture houses.
The scope of investment in interior design alone for such properties can reach tens of millions of dollars, and it is often this investment that allows the property to be resold at a significant premium.
Rarity of Supply in Iconic Towers
The Burj Khalifa, which rises to a height of over 800 meters, includes a relatively limited number of residential units on its upper floors, making any transaction of this nature relatively rare.
Market sources indicate that such properties are not traded often, and when they do hit the market, they draw immense interest from international investors seeking “top-of-the-market” assets.
Israel Figa, owner of the purchasing company, stated in a brief response that the deal was made as part of the company’s investment activities between Europe and the Middle East. Beyond this, he chose not to elaborate on future plans.
