Dubai: The buying action continues at the super-luxury end of Dubai’s property market, with a Dh115 million deal for a beachfront Bulgari mansion at Jumeira Bay island. The five-bedroom home (plus separate ones for maid and driver) covers a total area of 12,837.47 square feet and is already among the priciest property transactions in Dubai, both this year and all-time.
There are also points of difference between this and some of the other Dh100 million plus home buys Dubai has been witness to. The project was sold offplan – while the majority of the other purchases were for existing properties in locations such as the Palm, Emirates Hills and Dubai Hills.
Just as interesting, the transaction includes a mortgage, while all of the others were all-cash. “The mansion will see its completion by late July of 2024,” said Sunain Yousuf, CEO of Four Apple Real Estate, who brokered the deal. “The buyer was keen on securing this particular unit, regardless of whether any discounts or incentives were offered.”
Power of 'Bulgari' pull
The Bulgari homes on Jumeira Bay have been among the most keenly sought by investors/end-users. The fact that there are – and will be – only a limited set of units has magnified that interest, with plots on the island fetching some eye-popping values in recent months.
“The Dh115 million sales tag is certainly in keeping with the current market value for the top end of Jumeira Bay mansions,” said Yousuf. “We can surely predict that more high-value transactions ahead will happen in the community.”
Jumeira Bay is also the home to the 197-room Bulgari hotel and a marina. In recent real estate dispatches, the destination has also been tagged as the ‘Billionaires’ Island’. According to market sources, Jumeira Bay could be in for a few more ‘record-setting’ deals this year.
“Some of the potential sellers are still evaluating whether there is room to ask for more,” said an estate agent, who had been party to some transactions there in the recent past. “In terms of per square foot, we are already seeing some beachfront plots achieve well above Dh15,000/psf. This sure is record territory.”