Stock - Bulgari resort
The Bulgari Resort and Residences at Jumeirah Bay, Dubai. There were 23 deals at the luxury development this year alone - and there are still four weeks to go. Image Credit: Supplied

Dubai: This is the season for luxury penthouse sales in Dubai. One just got sold for Dh40 million at the Bulgari development in Jumeira Bay, offering more indicators that the top end of Dubai’s property market continues to score with investors.

Fetching an impressive Dh61,06 a square foot, the penthouse offers dual views – of the Dubai skyline as well as the sprawling marina. The Bulgari Resorts and Residences has had a busy year, with 23 units changing hands for a combined Dh649 million. The address has consistently figured among the costliest transactions in Dubai in recent years, according to Luxhabitat Sotheby’s International realty.

The latest penthouse deal comes off other major ones in Dubai, including recent ones from Omniyat as well as Signature Development, which sold a Dh50 million penthouse at the 118 in Downtown.

Jumeira Bay Island's rich pickings
In a year that has seen Dubai villas and penthouses fetch record sums, a Jumeira Bay Island mansion sold for Dh121 million, also handled by Luxhabitat Sotheby's. There was also the sale of a dual plot on Jumeira Bay Island for AED 120 million, and where a mansion is getting built.

Over Dh2.03 billion in sales have been recorded this year in the Jumeira Bay Islands and the wider area so far, based on data from Dubai Land Department.

“The unit was listed exclusively with me to sell it on an off-market basis - and I’m happy to have facilitated this sale in less than 30 days,” said Honey Deylami, Associate Director of Luxhabitat Sotheby’s.

“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 year-on-year, the average price per square foot for a unit in Bulgari Resorts & Residences has increased by 20 per cent.”