A three-bedroom unit at the Bulgari Resort and Residences has claimed a record breaking price of 12,624 AED per square foot, making this transaction the highest recorded price per square foot in the history of Dubai.
The transaction demonstrates that the luxury segment in Dubai’s real estate market is showing no sign of slowing down, outperforming all other segments as prices continue to skyrocket.
Kianoush D and Lina A, who are associate partners at Driven Properties, were the brokers behind the deal.
Commenting on the deal, Kianoush said: “This is a high-end leisure residential project with a unique location in Jumeirah Bay Island. Everything about the project is the perfect choice, from its location on the beautiful man-made island in the shape of a seahorse, to the amazing design inspired by the grandeur of ancient Italian architecture, and the exceptional facilities offered by the project. It is the secluded retreat you dream of in the heart of Dubai.”
Dubai’s real estate market has become a topic of significant interest in 2022. Buoyed by years of infrastructure and population growth, the market has outperformed most global property markets, beating Paris, London, New York, and Hong Kong, to name a few.
In fact, Dubai was ranked third globally as the city with the highest residential capital growth, recorded at 17 percent, in 2021.
Commenting on the upbeat Dubai real estate market, Lina said: “The initiatives taken by the Dubai government are proving to be very effective in attracting clients from all over the world. Since the start of last year, investors, especially from Europe and Asia, began flowing into Dubai to take advantage of the effective COVID-19 measures in place and ever improving business climate.”
Abdullah Alajaji, the founder and CEO of Driven Properties, one of Dubai’s leading luxury real estate brokerages, said that the brokerage – which has both local and international clients – was behind some record-breaking transactions in recent years.