Real EstateRecord-Breaking Bulgari Resort Sale Signals Strong Year For Dubai’s...

Record-Breaking Bulgari Resort Sale Signals Strong Year For Dubai’s Luxury Property Market

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.

MORE FROM FORBESLuxury Branded Residences Of Dubai Include The Five-Star Names Of Bulgari, Dorchester Collection And Lamborghini

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.

Original Source Link

Latest News

Investors may be missing these commercial real estate opportunities

The threat from a looming wave of maturing commercial real estate loans has been well telegraphed to investors,...

Brazil's far-right introduces bill that equates abortion after 22 weeks to murder

Protests have broken out across Brazil after lawmakers attempted to fast track legislation that would equate abortion after...

I dropped out of a group trip—do I still have to pay for the hotel?

Historically, I'm not a fan of group trips. Someone always ends up inexplicably crying or taking personal offense...

Bitcoin whale watching is 'useless' for information — Traders

Bitcoin whale watching is “good for social media” but not for valuable analysis, according to traders. Original Source...

Pakistan rice exports hit record following Indian sales ban

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly...

Must Read

The big threat to dollar dominance is American dysfunction

Don’t greenback in anger Original Source Link
- Advertisement -

You might also likeRELATED
Recommended to you