Dubai property sets record for price per square foot

Bulgari Resort and Residences apartment sells for $3,437 per square foot

The Bulgari Resort and Residences on Jumeirah Bay Island. Photo: Driven Properties

An apartment at the Bulgari Resort and Residences in Dubai has set a new record for the highest price per square foot in the city.

The three-bedroom property on Jumeirah Bay Island sold for Dh40 million ($10.9m) – which equates to Dh12,624 per square foot – against the backdrop of a surging real estate market, according to figures from Dubai Land Department's database.

Dubai registered 25,972 property transactions in the first quarter of this year, the highest number of quarterly deals since 2010, according to Mo’asher, the emirate’s official sales price index issued by the Dubai Land Department in partnership with Property Finder.

The January to March period recorded sales transactions worth Dh55.51 billion, the report found.

The Bulgari Resort is one of the most coveted addresses in Dubai, with other properties in April selling at an average price of more than Dh8,000 per sq ft, said Kianoush Darban, associate partner at Driven Properties, who brokered the deal.

"Everything about the project is the perfect choice, from its location on the beautiful man-made island in the shape of a seahorse, to the amazing design inspired by the grandeur of ancient Italian architecture and the exceptional facilities offered by the project," he said.

"It’s the secluded retreat you dream of in the heart of Dubai.”

The property market in the UAE, the second-biggest Arab economy, has made a strong recovery from the pandemic-driven slowdown as the country’s economy improves on the back of fiscal and monetary measures.

The recently announced overhaul of the UAE visa residency system will also “hugely benefit” the country's real estate market and bring a “significant influx in buyers”, brokers said.

The luxury property market, in particular, has recorded strong interest from investors.

Prices of luxury homes in Dubai increased 41 per cent in the fourth quarter of 2021, compared with the previous quarter, according to analysis by Luxhabitat Sotheby’s.

Earlier this month, the emirate also posted another record in the property market with the completion of the highest value residential sale yet recorded.

A villa on Palm Jumeirah was sold by Belleview Real Estate's Conor McKay for Dh280m, eclipsing the previous record held for more than seven years by real estate broker Chris Boswell, who sold a Palm Jumeirah beachfront palace for Dh185m in 2015.

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