The Bulgari Resort and Residences transaction shows that the luxury segment of Dubai's real estate market is outperforming all others, with prices continuing to rise.
A three-bedroom unit at the Bulgari Resort and Residences has fetched a world-record price of 12,624 AED per square foot, making it the highest price per square foot ever recorded in Dubai.
The deal demonstrates that Dubai's luxury real estate market is showing no signs of slowing down, outperforming all other segments as prices continue to rise.
The deal was facilitated by Kianoush D and Lina A, associate partners at Driven Properties.
"This is a high-end leisure residential project with a unique location on Jumeirah Bay Island," Kianoush said of the deal. From its beautiful man-made island in the shape of a seahorse to the amazing design inspired by the grandeur of ancient Italian architecture to the exceptional facilities offered by the project, everything about it is the ideal choice. It's the secluded hideaway you've always wanted in the heart of Dubai."
The real estate market in Dubai has become a hot topic in the year 2022. The market has outperformed most global property markets, beating Paris, London, New York, and Hong Kong, to name a few, thanks to years of infrastructure and population growth.
In fact, with a rate of 17 percent, Dubai was ranked third in the world in terms of residential capital growth in 2021.
Lina said of the booming Dubai real estate market, "The Dubai government's initiatives are proving to be very effective in attracting clients from all over the world." Investors, particularly from Europe and Asia, have been flocking to Dubai since the beginning of last year to take advantage of the effective COVID-19 measures in place and the improving business climate."
Driven Properties, one of Dubai's leading luxury real estate brokerages, has been behind some record-breaking transactions in recent years, according to Abdullah Alajaji, its founder and CEO.
SOURCE: Arabian Business