Record-Breaking Bulgari Resort Sale Signals Strong Year For Dubai’s Luxury Property Market
Continuing a current pattern for high-end homes in Dubai, a high-end home in Jumeirah Bay Island has closed for a record-breaking number, this time for greatest taped domestic cost per square foot.
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Located in the renowned Bulgari Resort and Residences advancement, the three-bedroom system offered for AED 40 million (roughly UnitedStates $10.9 million), according to a interaction from top high-end brokerage Driven Properties, which dealtwith the sale. That comes out to a record AED 12,624 per square foot (about UnitedStates $3,450 per square foot).
The sale, which comes a coupleof months after Driven Properties closed a record offer including a single plot, suggests a strong healing for Dubai’s home market from an earlier downturn triggered by the pandemic.
“It comes as a real testimony how far Dubai has come,” states Lina Allaoa of Driven, who along with fellow partner partner, Kianoush Darban, finished the sale. “Since the start of last year, financiers, specifically from Europe and Asia, started streaming into Dubai to take benefit of an ever-improving company environment.”
According to information from business genuine estate services business CBRE, overall deal volumes as of March 2022 reached 19,009, or the greatest overall ever tape-recorded in the veryfirst quarter of a year.
Unlike lotsof markets throughout the world, Dubai’s supply stays abundant, even as need increases, buoyed by years of facilities development.
While the realestate supply might be plentiful, costs are on a consistent slope, increasing 11.3% over the year, though still economical in relation to other high-end markets abroad.
Darban discusses that the Bulgari Resort and Residences, situated on the manufactured, seahorse-shaped Jumeirah Bay Island, stays one of the most soughtafter addresses in Dubai. “[Bulgari] is a high-end leisure property job with a special area, incredible styles inspired by ancient Italian architecture and extraordinary centers.”
Driven Properties is an special member of Forbes Global Properties, a customer market and subscription network of elite brokerages selling the world’s most glamorous houses.