Bulgari Resort’s Record Sale Signals Strong Year for Dubai’s Luxury Real Estate Market
Continuing a recent trend for high-end properties in Dubai, a luxury residence at Jumeirah Bay Island closed for record numbers, this time for the highest recorded residential price per square foot.
Located in the famous Bulgari Resort and Residences complex, the three-bedroom unit sold for AED40 million (approximately US$10.9 million), according to a communication from luxury broker Driven Properties, which managed the sale. This amounts to a record AED 12,624 per square foot (about US$3,450 per square foot).
The sale, which comes months after Driven Properties secured a record deal for a single piece of land, signals a strong recovery in Dubai’s property market after an earlier downturn caused by the pandemic.
“It’s a real testament to how far Dubai has come,” says Lina Allaoa of Driven, who along with associate partner Kianoush Darban closed the sale. “Since early last year, investors, particularly from Europe and Asia, have started flocking to Dubai to take advantage of an ever-improving business climate.”
According to data from commercial real estate services firm CBRE, the total volume of transactions in March 2022 reached 19,009, the highest total ever recorded in the first quarter of a year.
Unlike many markets around the world, Dubai’s supply remains plentiful, even as demand increases, buoyed by years of infrastructure growth.
While housing supply is plentiful, prices are on a steady incline, rising 11.3% on the year, but still affordable compared to other overseas luxury markets.
Darban says the Bulgari Resort and Residences, located on the man-made seahorse-shaped island of Jumeirah Bay, remains one of Dubai’s most coveted addresses. “[Bulgari] is a high-end leisure residential project with a unique location, stunning designs inspired by ancient Italian architecture and exceptional facilities.
Driven Properties is an exclusive member of Forbes Global Propertiesa consumer marketplace and member network of elite brokerages selling the world’s most luxurious homes.