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

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

by Enochadmin

Persevering with a current development for high-end properties in Dubai, a luxurious residence in Jumeirah Bay Island has closed for a record-breaking quantity, this time for highest recorded residential worth per sq. foot.

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Positioned within the famend Bulgari Resort and Residences growth, the three-bedroom unit offered for AED 40 million (roughly US $10.9 million), based on a communication from prime luxurious brokerage Driven Properties, which dealt with the sale. That comes out to a report AED 12,624 per sq. foot (about US $3,450 per sq. foot).

The sale, which comes a number of months after Pushed Properties closed a report deal involving a single plot, signifies a robust restoration for Dubai’s property market from an earlier slowdown attributable to the pandemic.

“It comes as a real testomony how far Dubai has come,” says Lina Allaoa of Driven, who together with fellow affiliate accomplice, Kianoush Darban, accomplished the sale. “Because the begin of final 12 months, traders, particularly from Europe and Asia, started flowing into Dubai to make the most of an ever-improving enterprise local weather.”

According to data from business actual property companies firm CBRE, complete transaction volumes as of March 2022 reached 19,009, or the very best complete ever recorded within the first quarter of a 12 months.

In contrast to many markets the world over, Dubai’s provide stays plentiful, whilst demand rises, buoyed by years of infrastructure development.

Whereas the housing provide could also be plentiful, costs are on a gentle incline, growing 11.3% over the 12 months, although nonetheless reasonably priced in relation to different luxurious markets overseas.

Darban explains that the Bulgari Resort and Residences, situated on the man-made, seahorse-shaped Jumeirah Bay Island, stays some of the coveted addresses in Dubai. “[Bulgari] is a high-end leisure residential undertaking with a novel location, superb designs impressed by historical Italian structure and distinctive amenities.”

Pushed Properties is an unique member of Forbes Global Properties, a client market and membership community of elite brokerages promoting the world’s most luxurious houses.

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