A sprawling penthouse at the iconic Palm Jumeirah island in Dubai has fetched $20 million, making it the second-most expensive apartment sold in the UAE's real estate history.

The 20,000 square-foot apartment situated on a prime plot of the Palm Jumeirah entrance. One Palm offers stunning views of Dubai Marina's skyline and the Arabian Gulf.

The five-bedroom apartment has immaculate landscaped rooftop terrace with a pool designed by world renowned landscape designer Vladimir Djurovic.

"The space is truly incomparable, it is the epitome of luxury perfectly balanced with modern elegance complementing the surroundings of One Palm," said Mahdi Amjad, Executive Chairman and CEO of Omniyat Properties, Dubai-based property development group which sold the penthouse.

"Considering the modern lifestyle and high standards of living that the emirate offers, Dubai continues to cement itself as the most sought-after residential location of choice, with multi-millionaires shifting their home base to the country," he said.

The company said it sold the property at 73 million dirhams ($20 million) and beat its own 2017 record when it sold the most expensive penthouse in Dubai for 102 million dirhams.

Details of the buyer who has scooped up the second-most expensive penthouse have not been disclosed.

The Palm Jumeirah is an artificial archipelago in the UAE and is known for glitzy hotels, posh apartment towers and upmarket global restaurants.