Dubai: Jumeirah Bay Island villa sells for Dh55million, breaks record

Dubai: Jumeirah Bay Island villa sells for Dh55million, breaks record

Luxury four-bedroom Bvlgari Mansion sold for Dh7,775 per square foot

Published: Thu 4 Aug 2022, 9:13 AM Last updated: Thu 4 Aug 2022, 9:39 AM

Luxhabitat Sotheby's International Realty says it has closed a deal for a four-bedroom Bvlgari Mansion in Jumeirah Bay Island for Dh55 million.

Sold at Dh7,775 per square foot, the Bvlgari mansion is now the most expensive four-bedroom mansion on the Island, it said.

In the overall prime market, Jumeriah Bay Island saw the largest increase in price per sqft, jumping 44.3 per cent between Q1 and Q2 to reach Dh6,500 per sqft, up from Dh4,502 in Q1.

Buyer demand for the branded property has been substantial despite the market's scarcity of available options.

"This type of transaction shows 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." According to data by the Dubai Land Department, the average price per square foot for a unit at Bvlgari Resorts & Residences has climbed sustainably year