REAL ESTATE: UNREAL ESTATES

The latest news and listings, from penthouse prospecting in Dubai to land banking in South Africa

- SI SI PENALOZA

The demand for hard assets as a haven from stock market volatility continues to define the appetite for real estate among the ultra-high-net-worth cohort. But not just any acquisition will do for discerning asset bankers as we venture into 2023. Trophy properties have come a long way from Richard Branson's Necker Island. A new wave of tycoons is riding on real estate worthy of the digital age.

A truly palatial penthouse atop the new Central Park Tower, New York's tallest condo at 1,550 feet, is set to become the nation's most expensive home as it hits the market for $250 million. Down south, Citadel kingpin Ken Griffin set a new record for a Miami home purchase with his $109 million scoop of a four-acre Coconut Grove compound. And Aspen's Willoughby Way, a renowned bolthole for billionaires, is seeing an influx of elite newcomers to nearby enclaves. Think Wall Street West locking in equity via ski-in or backcountry access and premium views.

Sotheby's International Realty trend reports reveal a strong uptick in demand for ultra-hospitality properties. Clients seek security and sanctuary, but the winning proposition must also hold the promise of a solid balance sheet. In the realm of Dubai prestige real estate, no reveal set pulses racing quite like Volante. At the pinnacle of this prominent project rises a sleek duplex penthouse sprawling over four decadent levels, capped by a two-level rooftop terrace and lap pool.

A magnum opus of scale and steel, this four-bedroom residence delivers a refined build quality impossible to overstate, reflected in the $50 million list price. Vast in size and inviting in style, interiors feature crosscut Navona marble walls, a grand staircase, and a ten-seat cinema. A dual-level roof terrace shows off a Mediterranean-style sanctuary and swimming pool, with sincerely sick views of Burj Khalifa.