A penthouse at Bulgari Resorts & Residences in Dubai’s Jumeirah Bay island has been sold for AED40 million ($10.9m).
The half-floor property, with a built-up-area (BUA) of 6,550 sqft, boasts dual views of the Dubai skyline and marina and was sold by Luxhabitat Sotheby’s International Realty.
The agent responsible for the transaction, representing both buyer and seller, Honey Deylami, associate director of Luxhabitat Sotheby’s International Realty, revealed that the property was sold in under 30 days.
She said: “Of late, the Dubai real estate market is booming, with a high demand for these exclusive penthouses at Bulgari Resorts & Residences, with none currently available on the market to meet the demand.
“Since 2018, YOY, the average price per square foot for a unit in Bulgari Resorts & Residences has increased by 20 percent, based on the data by the Dubai Land Department (DLD), indicating increased buyer interest.”
This year, according to Property Monitor, 23 units at the Bulgari Resorts & Residences were sold at a sales volume of AED649m for an average BUA of 4,660 sqft.
Among other record-breaking deals all over Dubai this year, Luxhabitat Sotheby’s also currently holds the record for the most expensive property – a Jumeirah Bay Island mansion at AED121m.
The company also sold a dual plot in Jumeirah Bay Island for AED120m, one that is currently having a beach mansion built.
Over AED2.03 billion in sales have been recorded this year in the Jumeirah Bay Islands area so far, based on data from the DLD.
According to global property consultant Knight Frank, $10 million-plus home sales in Dubai now account for 7 percent for all transactions in the city by value, compared to a long-term average of just 2 percent.
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