Football star Neymar Jr buys $54m penthouse in Dubai

Property in Business Bay offers customised features and a French Riviera-inspired private beach

French carmaker Bugatti has partnered with Binghatti Properties to develop Bugatti Residences in Dubai. Photo: Bugatti Residences

Brazilian football player Neymar Jr has purchased a penthouse Dh200 million ($54.5 million) in the Bugatti Residences by Binghatti, the world’s first Bugatti-branded residential project in Dubai. The development in Business Bay offers customised features and a French Riviera-inspired private beach, the Dubai developer said.

Neymar Jr’s penthouse, part of the Sky Mansion collection, includes a private pool, a private car lift to transport cars directly to the penthouse and views of Downtown Dubai. Neyman Jr, known for his dribbling, speed and being one of the most-followed athletes on social media, joined Saudi Pro League team Al-Hilal in 2023.

First revealed in May last year, the building is to have a Riviera-inspired beach, pool, spa, fitness club and a chef's table. There will also be valet, chauffeur and concierge services, a members-only club, and two garage-to-penthouse car lifts. Construction is expected to be completed in three and a half years, the developer said in May last year.

Branded residences refer to property developments that carry the stamps of famous brands. The business provides developments with its branding, services and amenities, said real estate consultancy Knight Frank.

Often – but not always – branded residences sell for a premium above their non-branded counterparts. Other car makers that have also branched out to real estate include Porsche and Bentley.

Binghatti, whose portfolio includes more than 70 projects worth more than Dh40 billion, has delivered more than 15,000 homes as of this year, and has developed partnerships with brands such as Bugatti, Mercedes-Benz and Jacob & Co. Half of the properties in one of its latest branded residences projects in Downtown Dubai – Mercedes-Benz Places – sold out in a day when it was launched in January.

Rising demand for Dubai’s branded residences

Dubai, the commercial and tourism hub of the Middle East, is developing branded residential projects in partnership with hotels, fashion and automotive brands, such as Bugatti, Pagani and Mercedes-Benz. Demand for branded residences in Dubai is expected to remain strong as wealthy buyers continue to boost spending amid a boom in the real estate sector.

More than 4,600 branded units are expected to be delivered in Dubai in the next five years, with more projects in the pipeline, Knight Frank said earlier this year. High net worth people are expected to spend $4.4 billion on Dubai property this year, up 76 per cent on last year, according to a Knight Frank report following a survey of 317 wealthy people, with an average net worth of $20 million globally and $8 million in the Gulf region.

Since its launch, the Bugatti Residences project has recorded some of the highest transaction prices in the emirate. The project achieved a record-breaking highest rate per square foot in Dubai’s Business Bay district in a transaction valued at Dh9,674 in November last year, according to the developer, citing records from Dubai’s Land Department.