Wed, Feb 8, 2023

Real Estate & Property
$3,697 per sq ft - Dubai apartment creates record

A three-bedroom apartment in the iconic Bulgari Resort and Residences in Dubai’s Jumeirah Bay Island was sold for a record price of AED13,543 per sq ft ($3687.11), making this transaction the highest recorded price per square foot in the history of Dubai.

The apartment was sold by Driven Properties this week.

“Dubai is currently the hottest market in the world, with the residential property segment projected to see tremendous growth this year. This sale is only the beginning; we expect Dubai to remain hugely attractive to both residents and those abroad looking for the right investment in a geopolitically safe and secure city,” said Abdullah Alajaji, Founder and CEO of Driven Properties.

Lina Allaoa and Kianoush Darban, both Associate Partners at Driven Properties, are the brokers behind the deal. They were also behind several other records set in the prestigious Jumeirah Bay Island area: the most expensive residential plot sold in Dubai, the most expensive townhouse sold in the UAE, and the previous record for the highest price achieved per square foot – AED12,624.

“This transaction only stands to underline how the ultra-luxury segment of the market is out-performing all others,” says Darban, who specialises in Jumeirah Bay Island, and sees no signs of the market – or area – slowing down. “There are very few projects in Dubai that cater to the ultra-high-net-worth individuals, and Bulgari Resort and Residences is certainly one of them.”

“We never intend to break records when helping our clients find their home on Jumeirah Bay Island, but supply is limited, and the community is absolutely unique in the one-of-a-kind lifestyle it offers,” says Allaoa. “From impeccable design and finishing to the perfectly secluded location only minutes away from all major landmarks, Bulgari Resort and Residences offers the best in waterfront living, with five-star amenities, world-class restaurants, and the stunning marina on its doorstep. There is no other project in Dubai that compares,” she added.

Driven Properties has a number of other accolades under its belt, and is the only company in history to win Property Finder’s “Best Brokerage in Dubai” two years in a row. The company is a member of Forbes Global Properties, an invitation-only consortium of leading luxury real estate firms, reserved for only the 100 most elite brokerages in the world.

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