A 3-bedroom unit at Dubai’s Bulgari Resort and Residences bought for 12,624 AED per sq. foot, … [+]
Pushed Properties
Persevering with a latest pattern for high-end properties in Dubai, a luxurious residence in Jumeirah Bay Island has closed for a record-breaking quantity, this time for highest recorded residential value per sq. foot.
Positioned within the famend Bulgari Resort and Residences growth, the three-bedroom unit bought for AED 40 million (roughly US $10.9 million), based on a communication from high luxurious brokerage Driven Properties, which dealt with the sale. That comes out to a file AED 12,624 per sq. foot (about US $3,450 per sq. foot).
The sale, which comes just a few months after Pushed Properties closed a file deal involving a single plot, signifies a robust restoration for Dubai’s property market from an earlier slowdown brought on by the pandemic.
“It comes as a real testomony how far Dubai has come,” says Lina Allaoa of Driven, who together with fellow affiliate associate, Kianoush Darban, accomplished the sale. “Because the begin of final 12 months, traders, particularly from Europe and Asia, started flowing into Dubai to make the most of an ever-improving enterprise local weather.”
According to data from industrial actual property companies firm CBRE, complete transaction volumes as of March 2022 reached 19,009, or the very best complete ever recorded within the first quarter of a 12 months.
Diven Properties’ Kianoush Darban, left, and Lina Allaoa have had a hand in a few of Dubai’s largest … [+]
Pushed Properties
Not like many markets internationally, Dubai’s provide stays plentiful, whilst demand rises, buoyed by years of infrastructure development.
Whereas the housing provide could also be considerable, costs are on a gradual incline, growing 11.3% over the 12 months, although nonetheless inexpensive in relation to different luxurious markets overseas.
Darban explains that the Bulgari Resort and Residences, situated on the man-made, seahorse-shaped Jumeirah Bay Island, stays some of the coveted addresses in Dubai. “[Bulgari] is a high-end leisure residential challenge with a singular location, superb designs impressed by historic Italian structure and distinctive services.”
Pushed Properties is an unique member of Forbes Global Properties, a client market and membership community of elite brokerages promoting the world’s most luxurious houses.
