A Bulgari home sells for Dh13,543 per square foot for a new record in Dubai

Dubai: At Dh13,543 a square foot, a three-bedroom apartment at Bulgari Resort and Residences has achieved the highest ‘per square foot price’ for a property sold in Dubai. The unit, located on Jumeira Bay island, was sold for Dh42.92 million.

This beats the previous record of Dh12,624 psf, also for a unit on Jumeirah Bay. Both deals were overseen by Driven Properties.

“This transaction only stands to underline how the ultra-luxury segment of the market is out-performing all others,” says Kianoush Darban, Associate Partner at Driven Properties, who adds that there are no signs of the Dubai property market or Jumeira Bay area slowing down on demand. (The deal was brokered by Kianoush and Lina Allaoa, also an Associate Partner at Driven.)

A Dh400m sale

The deal announcement comes just days after disclosure of a Dh400 million plus deal for a penthouse on Jumeira Bay. It represents the costliest penthouse deal in Dubai to date. (Unit size is more than 39,000 square feet.)

“Dubai is currently the hottest market in the world, with the residential property segment projected to see tremendous growth,” said Abdullah Alajaji, Founder and CEO of Driven Properties. “This sale is only the beginning; we expect Dubai to remain hugely attractive to both residents and those abroad looking for the right investment in a geopolitically safe and secure city.”