An anonymous European buyer has agreed to pay £95 million for a record-breaking penthouse in Dubai, despite ongoing Iranian airstrikes on the city. The 31,108 square foot, three-floor property has not yet been built and is currently just a construction site. The deal, initially agreed in December and registered in early March, ranks as the third most expensive penthouse sale in Dubai and the highest ever by price per square foot.

The luxury residence will include six bedrooms, eight parking spaces and a private terrace pool overlooking the city skyline and Jumeirah beach. It will form part of a three-tower development, with two buildings operating as hotels and the third containing 58 private residences. Construction is expected to be completed in 2030, with payments structured in stages through to completion.

The purchase comes as Dubai faces missile and drone attacks linked to the conflict involving Iran, the United States and Israel. Thousands of foreign nationals, including more than 63,000 Britons, have left the region since the violence escalated, while authorities in the United Arab Emirates report intercepting hundreds of missiles and drones. Despite the instability, the buyer proceeded without invoking contractual escape clauses, viewing the acquisition as a long-term strategic investment.