Continuing a recent trend for high-end properties in Dubai, a luxury residence in Jumeirah Bay Island has closed for a record-breaking number, this time for highest recorded residential price per square foot.
Located in the renowned Bulgari Resort and Residences development, the three-bedroom unit sold for AED 40 million (roughly US $10.9 million), according to a communication from top luxury brokerage Driven Properties, which handled the sale. That comes out to a record AED 12,624 per square foot (about US $3,450 per square foot).
The sale, which comes a few months after Driven Properties closed a record deal involving a single plot, indicates a strong recovery for Dubai’s property market from an earlier slowdown caused by the pandemic.
“It comes as a true testament how far Dubai has come,” says Lina Allaoa of Driven, who along with fellow associate partner, Kianoush Darban, completed the sale. “Since the start of last year, investors, especially from Europe and Asia, began flowing into Dubai to take advantage of an ever-improving business climate.”
According to data from commercial real estate services company CBRE, total transaction volumes as of March 2022 reached 19,009, or the highest total ever recorded in the first quarter of a year.
Unlike many markets across the world, Dubai’s supply remains plentiful, even as demand rises, buoyed by years of infrastructure growth.
While the housing supply may be abundant, prices are on a steady incline, increasing 11.3% over the year, though still affordable in relation to other luxury markets abroad.
Darban explains that the Bulgari Resort and Residences, located on the man-made, seahorse-shaped Jumeirah Bay Island, remains one of the most coveted addresses in Dubai. “[Bulgari] is a high-end leisure residential project with a unique location, amazing designs inspired by ancient Italian architecture and exceptional facilities.”
Driven Properties is an exclusive member of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.