Luxury penthouse in Dubai sells for $33m as prime market booms

Four-bedroom penthouse is part of Bulgari Resort and Residences

Bulgari Resort and Residences in Dubai. Photo: Driven Properties

A four-bedroom luxury penthouse in Bulgari Resort and Residences in Dubai has sold for Dh122 million ($33.2 million) as the emirate's prime market continues to boom.

At more than Dh10,000 per square foot, the deal makes it one of the most expensive ready penthouses sold in the emirate, said broker Driven Properties, which sold the property.

It offers views of the Dubai skyline as well as the Bulgari Marina.

“Dubai is once again demonstrating that it is one of the hottest markets in the world, with no signs of slowing down,” said Abdullah Alajaji, founder and chief executive of Driven Properties.

“Bulgari Resort and Residences has outperformed all other areas … the privacy this project offers is unparalleled, as is its location and impeccable quality.”

Dubai’s luxury home sales hit Dh6 billion in the first quarter of 2023, with wealthy buyers snapping up 88 units valued at more than $10 million as prime property sales continued to pick up amid a wider economic recovery, according to Knight Frank.

The emirate’s prime residential markets of Palm Jumeirah, Emirates Hills and Jumeirah Bay Island accounted for 64 per cent of luxury home sales during the three-month period, with average transaction prices in these high-demand locations reaching Dh8,800 per square foot, the report said.

Dubai has been ranked as the world’s fourth most active market in the luxury residential segment as sales of prime properties continue to pick up, Knight Frank said in March.

Last year, Dubai’s real estate market set a record for ultra-luxury property deals, registering 219 sales of homes valued at $10 million and above to solidify its status as a global luxury centre, the company said.

Last month, a 24,500-square-foot sand plot in Jumeirah Bay sold for Dh125 million, making it the most expensive land plot sold in the UAE.

The plot was worth Dh5,100 per square foot and sold to an undisclosed international buyer who will build a custom-built mansion there.

In February, a penthouse at Bulgari Lighthouse tower set a record for the most expensive apartment sale in Dubai.

The sale, worth Dh410 million, was for an off-plan nine-bedroom home with five parking spaces, DLD data showed.

Set across 38,970 square feet, it sold at Dh10,521 per square foot.

Bulgari Lighthouse is a 27-storey residence overlooking the sea and will have 31 penthouses.