One tycoon has not been put off Dubai amid the Iranian airstrikes as he splashes £95million on a penthouse that has not even been built yet.
Despite it being less than two weeks since the beginning of the US-Israel war with Iran, the anonymous European buyer went ahead with the purchase of the 31,108 sq ft three-floor property.
Over the last couple of weeks, Dubai has been attacked on several occasions, including its airports and the city's financial centre, with videos showing plumes of smoke billowing into the sky.
But this seemingly has not bothered the buyer, who has forked out millions on the home, which will have eight car parking spaces, six bedrooms, and a terrace pool overlooking the city and Jumeirah beach.
The deal between the buyer and development company Aman Residences was initially agreed on December 23 before being registered with the Dubai Land Department on March 3.
An undisclosed commission was paid to the brokerage and estate agent Jimmy Widen, a 41-year-old Swede who founded the Dubai and Marbella-based agency 3SA Estate, on March 10.
'At €110 million [about £95 million] it's the third most expensive penthouse sold in Dubai, but the most expensive ever sold in terms of square feet,' Mr Widen told the Times.
'And right now it's just a pile of sand. The largest off-plan property I had sold before this was €8.2 million, so you can imagine the difference.'
Jimmy Widen, a 41-year-old Swede who founded the Dubai and Marbella-based agency 3SA Estate, who sold the record-breaking penthouse to an anonymous European buyer for £95million
which will have eight car parking spaces, six bedrooms, and a terrace pool overlooking the city and Jumeirah beach.
The home will have eight car parking spaces, six bedrooms, and a terrace pool overlooking the city and Jumeirah beach
The penthouse will be part of a development of three buildings, around 30 storeys each. Two will run as hotels, with the third housing 58 private residences
He added that the payment structure for the penthouse is divided into four stages: 30 per cent paid upon signing, 10 per cent after one year, 10 per cent the following year and 50 per cent upon completion of the project, expected to be in 2030.
Mr Widen said: 'It's not a spontaneous buy with something like this, it's a strategic decision to put the money in a very safe investment. On this level it's very rare that people wobble. I think of course you always have a force majeure clause, and that could have been the case. They didn't want that, they wanted to proceed with the deal.'
The penthouse will be part of a development of three buildings, around 30 storeys each. Two will run as hotels, with the third housing 58 private residences.
Once a tax-free haven attracting social media stars and countless Brits seeking warm weather and crime-free streets, Dubai's carefully crafted image has been shattered and some residents believe it is 'finished'.
Thousands have fled the war-torn city, vowing to never return as the Islamic Republic sends barrages of missiles and suicide drones at glitzy skyscrapers and glamorous five star hotels, even striking the world famous Fairmont hotel on Palm Jumeirah.
More than 63,000 Britons have returned home from the region since the start of the conflict in the Middle East, according to Government figures.
It comes amid claims some Dubai influencers based in the United Arab Emirates are being paid to pump out 'propaganda'.
Content creators with droves of followers have been sharing videos of Sheikh Mohammed bin Rashid Al Maktoum with the words,'I know who protects us'in the midst of Iranian attacks.
Many wealthy Brits fleeing the conflict in the Gulf are heading to Ireland and France to avoid huge tax bills in the UK.
Those with a high net worth who were previously living in the UAE are hoping to bide their time in other countries rather than risk facing HM Revenue and Customs.
Many residents living overseas have already'spent'the number of days on British soil they are allowed to without paying tax.
And with only three weeks left of the financial year, some are trying to get an extra 60 days free of tax in the UK from HMRC under an 'exceptional circumstances' provision.
Meanwhile, 45 people of 'various nationalities' have been arrested by police in Abu Dhabi for 'spreading misinformation and filming and sharing event locations' over alleged footage showing attacks.
In total, as of yesterday, 285 ballistic missiles, 15 cruise missiles and 1,567 drones from Iran have been intercepted, the UAE's Ministry of Defence said.