Jumeirah Bay Island apartment sells for a record Dhs13,543 per square foot

A three-bedroom apartment in the super luxe Bulgari Resort and Residences on Jumeirah Bay Island was sold by Driven Properties this week for a record-breaking price of Dhs13,543 per square foot, making this transaction the highest recorded price per square foot in the history of Dubai.

The apartment sold for Dhs42,920,862.

“Dubai is currently the hottest market in the world, with the residential property segment projected to see tremendous growth this year. This sale is only the beginning; we expect Dubai to remain hugely attractive to both residents and those abroad looking for the right investment in a geopolitically safe and secure city,” said Abdullah Alajaji, founder and CEO of Driven Properties.

Read: Driven Properties offers an insight into trends in Dubai’s luxury real estate market

Big wins in Jumeirah Bay Island

Lina Allaoa and Kianoush Darban, both associate partners at Driven Properties are the brokers who netted the deal. They are also credited with several other records set in the Jumeirah Bay Island area, including selling the most expensive residential plot sold in Dubai, the most expensive townhouse sold in the UAE, and the previous record for the highest price achieved per square foot – Dhs12,624.

“This transaction only stands to underline how the ultra-luxury segment of the market is out-performing all others,” says Kianoush, who specialises in Jumeirah Bay Island, and sees no signs of the market slowing down. “There are very few projects in Dubai that cater to ultra-high-net-worth individuals, and Bulgari Resort and Residences is certainly one of them.”

“We never intend to break records when helping our clients find their home on Jumeirah Bay Island, but supply is limited, and the community is absolutely unique in the one-of-a-kind lifestyle it offers,” says Lina Allaoa.

“From impeccable design and finishing to the perfectly secluded location only minutes away from all major landmarks, Bulgari Resort and Residences offers the best in waterfront living, with five-star amenities, world-class restaurants, and the stunning marina on its doorstep,” she added.

Read: Dubai: Atlantis The Royal Residences’ largest penthouse sells for Dhs163m

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