On Wednesday, it was announced that a four-bedroom home on Jumeirah Bay Island in Dubai had sold for Dh55 million, at Dh7,775 per square foot.
The Bvlgari Mansion sale comes as Jumeirah Bay Island records a 44.3 percent increase in price per sq. ft – from Dh4,502 in Q1 to Dh6,500 in Q2.
“These types of transactions show us what the real market inclination is for rare properties. It’s not speculation or hype but a true form of end-user appetite for ready, turn-key branded residences,” said George Azar, chairman of Luxhabitat Sotheby’s International Realty. “These exquisite mansions at Bvlgari Resorts & Residences are extremely coveted, but none are currently on the market to satisfy the demand.”
Since 2020, the Jumeirah Bay region has consistently held some of the most intriguing deals. Luxhabitat Sotheby’s also transacted a Jumeirah Bay Island mansion for Dh121 million and a duplex plot on Jumeirah Bay island for Dh120 million, among other world-record deals in Dubai.
A variety of stunning houses can be seen on Jumeirah Bay Island, which is situated just offshore between the renowned World Islands and legendary Downtown Dubai. Due to its stunning views, the island, which is shaped like a seahorse, is one of the most sought-after residences in all of Dubai for the wealthy and famous.
The Dubai Land Department reports that over Dh2.5 billion worth of sales has already been recorded in the neighborhood this year.