Gulf Today, Aug 4, 2022 | Muharram 6, 1444
Dubai: Jumeirah Bay Island villa sells for Dh55 million, breaks record
Luxhabitat Sotheby's International Realty says it has closed a deal for a four-bedroom Bvlgari Mansion in Jumeirah Bay Island for Dh55 million.
Sold at Dh7,775 per square foot, the Bvlgari mansion is now the most expensive four-bedroom mansion on the Island, it said.
In the overall prime market, Jumeriah Bay Island saw the largest increase in price per sqft, jumping 44.3 per cent between Q1 and Q2 to reach Dh6,500 per sqft, up from Dh4,502 in Q1.
Buyer demand for the branded property has been substantial despite the market's scarcity of available options.
"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.
"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.
The connected Bvlgari Resorts & Residences are among the most trendy properties in Dubai right now, with demand considerably outstripping supply. As a result, the properties provide both privacy and exclusivity with views of the Dubai skyline directly from the apartments or villas and close access to the private beach. The Bvlgari Marina has more than 50 spaces and can accommodate boats that are 30 feet to 120 feet in length, making it ideal for boating enthusiasts.