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The Jumeirah Bay Island, shaped like a seahorse, is one of the most coveted areas in Dubai. Image Credit: Supplied

A four-bedroom house in Dubai’s Jumeirah Bay Island has sold for Dh55 million at Dh7,775 per sq. ft, it was revealed on Wednesday.

The Bvlgari Mansion sale comes as Jumeirah Bay Island records a 44.3 per cent increase in price per sq. ft – from Dh4,502 in Q1 to Dh6,500 in Q2.

“These types of transactions shows us what the real market inclination is for rare properties. It’s not speculation or hype but true form of end-user appetite for ready, turn-key branded residences,” said George Azar, chairman of Luxhabitat Sotheby’s International Realty. “These exquisite mansions at Bvlgari Resorts & Residences are extremely coveted, but none are currently on the market to satisfy the demand.”

The Jumeirah Bay area has proven to hold some of the most exciting deals since 2020. Amongst other record-breaking deals all over Dubai, Luxhabitat Sotheby’s also transacted a Jumeirah Bay Island mansion at Dh121 million and a dual plot in Jumeirah Bay island for Dh120 million.

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The Bvlgari Mansion at Jumeirah Bay Island. Image Credit: Supplied

Jumeirah Bay Island, located just offshore between famed World Islands and iconic Downtown Dubai, is home to a number of eye-catching mansions. The island, which is shaped like a seahorse, is one of the most coveted properties in all of Dubai for the rich and famous due to its breathtaking vistas.

According to information from the Dubai Land Department, over Dh2.5 billion in sales have already been registered in the neighbourhood this year.