Dhs55m mansion sold for a record price of Dhs7,775 per square foot

Luxhabitat Sotheby’s International Realty closed a deal for a rare 4-bedroom Bvlgari Mansion in Jumeirah Bay Island for Dhs55 million at record Dhs7,775 per square foot.

The uber chic mansion became one of the rare transactions on the island that has had record topping deals one after the other.

In the overall prime market, Jumeriah Bay Island saw the largest 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.

Buyer demand in the branded property has been substantial despite the market's scarcity of available options.

"This type of transactions shows us what the real market inclination is for rare properties. It’s not speculation or hype but true form of end-user appetite for ready, turn-key branded residences."

George Azar, the chairman of Luxhabitat Sotheby’s International Realty remarked when speaking about the transaction.

“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 by sustainably YOY 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.

The Jumeirah Bay area has proven to hold some of the most exciting deals since 2020.

Amongst other record-breaking deals all over Dubai, Luxhabitat Sotheby’s also transacted a Jumeirah Bay Island mansion at Dhs121 million and a dual plot in Jumeirah Bay island for Dhs120 million.

Jumeirah Bay Island, which is located just offshore between famed World Islands and iconic Downtown Dubai, is home to a number of eye-catching mansions.

The island, which is shaped like a seahorse, is one of the most coveted properties in all of Dubai for the rich and famous due to its breathtaking vistas. Additionally, it is the location of the renowned Bvlgari Complex & Residences, an opulent resort with the first Bvlgari Yacht Club ever built.

According to information from the Dubai Land Department, over Dhs2.5 billion in sales have already been registered in the neighbourhood this year.