The Sky Palace at Burj Khalifa remains in a shell-and-core state. SUPPLIED

Dubai’s real estate market is buzzing with excitement as the prestigious Sky Palace, a penthouse on the 108th floor of the iconic Burj Khalifa, has been listed for sale at an impressive Dh180 million ($49.5 million). The Sky Palace spans an extraordinary 21,000 square feet across two floors, reaching 460 meters above the ground, making it one of the world’s highest residential properties currently on the market. Entrepreneur Karl Haddad and his business partner acquired the property in 2022. Haddad revealed that since its exclusive listing in September, the penthouse has attracted significant interest from high-profile potential buyers, including a prominent media tycoon who wants to broadcast from the unit’s atrium. While the Sky Palace boasts panoramic views of landmarks such as Palm Jumeirah, Ras Al Khaimah mountains, and the Arabian Gulf, it remains in a shell-and-core state, requiring at least Dh20 million in additional investment to fully customize the space. Once transformed, the property is estimated to hold a resale value of more than $110 million, far surpassing comparable properties in global hotspots such as New York and Tokyo, where prices range from $200 million to $350 million. The Sky Palace has a private, internal lift and 12 dedicated parking spaces. Beyond the apartment, residents will enjoy exclusive Burj Khalifa amenities, including a private lounge on the 123rd floor, outdoor pool and jacuzzis, spa facilities, and access to the Armani Hotel. With Dubai’s demand for ultra-luxury living on the rise, the Sky Palace represents the pinnacle of exclusivity and architectural sophistication. ICA/Expat Media
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