Dubai: Jumeirah Bay Island Villa Sells For Dh55 Million, Breaking The Record
Four-bedroom luxury Bvlgari Mansion sells for Dh7,775 per square foot, breaking all records in the year sale.
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This high-end property is a rare transaction that took place on the island making a deal on top of anything. Considering the overall prime market of Dubai, Jumeirah Bay Island witnessed a great increase in price per sq. ft., jumping 44.3% between Q1 to Q2 to reach Dhs6,500 per sq. ft., up from Dhs4,502 in Q1.
The market is witnessing sustainable growth in all types of properties, whether luxury or affordable. Luxhabitat Sotheby's International Realty has closed the deal and said that
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GREAT GROWTH IN BOTH AFFORDABLE AND LUXURY
"This type of transaction shows us what the real market inclination is for rare properties. It’s not speculation or hype but the true form of end-user appetite for ready, turn-key branded residences."
“These exquisite Mansions at Bvlgari Resorts & Residences are extremely coveted, but none are currently on the market to satisfy the demand.”
DEMAND FOR BRANDED PROPERTY IN DUBAI
This four-bedroom mansion on the island is the costliest deal of the year sold at Dh7,775 per square foot. Even after the scarcity of the available options, buyers demanded the branded property.
"This type of transaction shows us what the real market inclination is for rare properties. It's not speculation or hype but a true form of end-user appetite for ready, turn-key branded residences," said George Azar, chairman of Luxhabitat Sotheby's International Realty.
INCREASE IN AVERAGE PRICE AT BVLGARI RESORTS
"These exquisite Mansions at Bvlgari Resorts & Residences are extremely coveted, but none are currently on the market to satisfy the demand." According to data by the Dubai Land Department, the average price per square foot for a unit at Bvlgari Resorts & Residences has climbed sustainably year on year since 2019.
JUMEIRAH BAY ISLAND WITH BENEFITS TO EXPERIENCE FRIENDLY SPACE
Jumeirah Bay Island is an exclusive community located in an outstanding location between Downtown Dubai and the famous world islands- surely one of the most coveted addresses it. It has taken an uptick in the market bringing benefits to the next level. This is the costliest deal so far this year as per DLD, in the neighborhood over Dh2.5billion in sales has been registered.
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