In recent months, buying activity in the luxury real estate market in Dubai has been growing rapidly. The most attention was paid to the purchase and sale of the Bulgari mansion, the cost of which amounted to AED 55 million (USD 14 million). One square meter cost the buyer AED 83,689.
The Bulgari Mansion has become the most expensive four-bedroom property on Jumeirah Bay Island. The house is built in a modern architectural style, which can be seen by its panoramic windows stretching from floor to ceiling, a minimalist color palette (mainly beige and brown shades) and a luxurious swimming pool.
Between the first two quarters of this year, a sharp jump in prices by 44.3% was observed on the island of Jumeirah Bay. If from January to March the average cost per square meter was AED 48,459, then in the period from April to June it reached AED 69,965.
The chairman of the company, which concluded a deal worth 55 million dirhams of the UAE, commented on this situation as follows: «Such transactions allow us to see what the real propensity of the market for elite property is. This is not speculation or hype, but a reflection of the real demand for premium class residences».
Despite the limited number of available options in the Dubai market, consumer demand for luxury real estate remains high. According to Dubai Land Department, the average price per square meter at Bulgari resorts and residences has been steadily growing since 2019.
In general, the number of luxury real estate purchase and sale transactions increased by more than 85% compared to the first half of last year. Apartments accounted for 62% of all transactions related to residential units.
