A luxury Canadian penthouse linked to Dubai’s royal family has failed to find a buyer after 72 days on the market, with its CA$21 million (A$23.53 million) listing now expired.
The Vancouver property, located at 1011 West Cordova St., was listed in January but removed from the market in April, according to Zealty.
The Canadian penthouse is owned by Leemar Investments FZE, a Dubai-based venture capital firm reportedly managed by the director general of the Office of H. H. The Crown Prince of Dubai.
The 6,480-square-foot penthouse, dubbed the “crown jewel” of downtown Vancouver, boasts three bedrooms, four bathrooms, and expansive views. Sotheby’s International Realty Canada highlighted its dramatic rooftop deck and private terraces, adding 2,582 square feet of outdoor space. Despite its prestige, the property failed to attract a buyer, raising questions about Vancouver’s high-end real estate market and foreign investment trends.
The penthouse is part of the Fairmont Collection, which includes four properties linked to the prince, collectively valued at over $40 million. So far, this is the only unit reported as delisted, while the status of the remaining properties remains unclear. The listing’s cancellation suggests market challenges for ultra-luxury real estate, particularly amid shifting global investment patterns.
Despite the $21 million asking price, the property was listed well above its assessed value of $16.24 million, according to BC Assessment. If sold, it would have represented a loss for the prince’s investment firm, as the penthouse was originally purchased for $23 million in 2013. The pricing discrepancy highlights valuation concerns in Vancouver’s luxury housing sector, where assessed values often lag behind market expectations.
It remains uncertain whether the penthouse will be relisted at a lower price or held as an investment.
With global real estate markets adjusting to economic shifts, the fate of this high-profile property will be closely watched by investors tracking foreign ownership trends and luxury asset performance.
