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


Please enter your comment!
Please enter your name here

Latest News

Alibaba founder Jack Ma back in China after months abroad

Alibaba founder Jack Ma has been seen in public in China after the first time in several months....

‘sell the news’ moment nears after crypto-leading 20% weekly gain

XRP (XRP) price is currently outperforming all other major cryptocurrencies as of March 27, rising over 20% in the...

Banking turmoil eases but threat of wide and lasting impact remains

This article is an on-site version of our Disrupted Times newsletter. Sign up here to get the newsletter...

Plastics Are Devastating the Guts of Seabirds

This might be why her team got contrasting results in their analysis: The more individual microplastics in the gut,...

Setting The Pace For 2023 HCD Conference

It’s hard to believe that in 2023, we’re still experiencing “firsts” within the context of returning to pre-pandemic...

James Comer Crashes And Burns As Jake Tapper Blows Holes In His Alvin Bragg Attack

Rep. James Comer (R-KY) tried to defend his attempted obstruction of Alvin Bragg’s investigation, but CNN’s Jake Tapper...

Must Read

- Advertisement -

You might also likeRELATED
Recommended to you