(MENAFN- Khaleej Times) Mon 29 Nov 2021, 10:43 AM
The luxury segment continues to lead the recovery in Dubai's property sector as big-ticket units have been witnessing strong demand for the past few quarters.
On Monday, a penthouse was sold for Dh40 million ($10.9 million) at Bulgari in Jumeirah Bay Island. The deal for a half-floor 6,550 sqft penthouse was announced by Luxhabitat Sotheby's International Realty.
Sold at Dh6,106 per square foot, the penthouse has dual views of the Dubai skyline and the marina. This year, according to Property Monitor, 23 units at the Bulgari Resorts & Residences were sold for Dh649 million.
The branded development has received a considerable amount of interest from buyers.
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“Of late, the Dubai real estate market is booming, with a high demand for these exclusive penthouses at Bulgari Resorts & Residences, with more units currently available on the market. Since 2018, the average price per square foot for a unit in Bulgari Resorts & Residences has increased by 20 per cent, based on the data by the Dubai Land Department, indicating increased buyer interest,” said Honey Deylami, associate director of Luxhabitat Sotheby's International Realty.
The Jumeirah Bay area has proven to hold some of the most exciting deals with the year.
More than Dh2 billion in sales have been recorded this year in the Jumeirah Bay Islands area so far, according to Dubai Land Department data.
A villa at Jumeirah Bay Island was sold for a whopping Dh121 million.
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