Jumeira Bay and its land and Bulgari homes have been scorching the Dubai property market with multiple records. Image Credit: Supplied

Dubai: Another day, another Dubai property sales record.

A four-bedroom penthouse at the Bulgari Resort and Residences on Jumeira Bay island has set a record for the ‘most expensive ready penthouse’ sold in Dubai to date. The deal was signed for Dh122 million.

“Dubai is once again demonstrating that it is one of the hottest markets in the world, with no signs of slowing down,” said Abdullah Alajaji, Founder and CEO of Driven Properties. “Bulgari Resort and Residences has outperformed all other areas, and with good reason - the privacy this project offers is unparalleled, as is its location and impeccable quality.”

Jumeira Bay had been in the news recently for the most expensive residential plot sold in the UAE, at Dh125 million.

The island also hosts another record – for a Dh410 million deal on an offplan penthouse.

The Jumeira Bay’s Bulgari homes. Developers in Dubai are rushing to launch projects and pricey properties to keep tapping investor demand. Image Credit: Supplied

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What’s different about the new Dh122 million deal is that Dubai’s luxury home sales had been veering towards offplan buys in recent quarters. 

"This latest transaction answers all questions as to the current state of the property market in Dubai – there is no doubt that it is continuing to grow," said Leila Shugri, the estate agent who closed the Dh122 million deal at driven. Image Credit: Supplied

How prime spots in Dubai are faring

  • The Palm has been the city's star-performing villa market, with prices rising 14% during Q1 and a 53% growth over the last 12 months, according to Knight Frank.
  • Dubai Hills Estate and Emirates Hills experienced 'sharp increases' as domestic buyer demand for larger homes fuels demand, particularly in more affordable inland communities.

Dubai outpaces the world

According to Knight Frank, the consultancy, Dubai's prime residential market - anything with a $10 million price tag and over - is expected to 'experience the highest growth rate' globally, with a projected 13.5 per cent rise in 2023. This growth is supported by a 'clear demand-supply imbalance and a positive economic backdrop'.

“Three-and-a-half years into the current market cycle, overall price growth is moderating as the extraordinary rises registered during the pandemic begin to work their way out of the equation," said Faisal Durrani, Partner - Head of Middle East Research at Knight Frank. 

"The bottom-line however remains a significant mismatch between demand and supply of luxury homes. This combined with Dubai’s emergence on the global stage as the go-to second homes market continues to drive prices and indeed this is why over the last 12-months, prices have risen by 13 per cent, eclipsing 2022’s 10 per cent growth.”