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Sold at AED 7,775 per sqft, this rare Bvlgari mansion is now the most expensive 4 bed mansion on the Island
Words by Aneesha Rai in The Market · Aug 5th, 2022
Luxhabitat Sotheby’s International Realty is proud to announce it has closed a deal for a rare 4-bedroom Bvlgari Mansion in Jumeira Bay Island for AED 55 million. Sold at AED 7,775 per square foot, this uber chic mansion becomes one of the rare transactions on the island that has had record-topping deals one after the other. In the overall prime market, Jumeira Bay Island saw the largest increase in price per sq. ft., jumping 44.3% between Q1 to Q2 to reach AED 6,500 per sq. ft., up from AED 4,502 in Q1.
Buyer demand for this branded property has been substantial despite the market's scarcity of available options. "This type of transactions shows us what the real market inclination is for rare properties. It’s not speculation or hype but the true form of end-user appetite for ready, turn-key branded residences." George Azar, the chairman of Luxhabitat Sotheby’s International Realty remarked when speaking about the transaction. “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 experienced a sustainable climb YOY since 2019.
The connected Bvlgari Resorts & Residences are among the most trendy properties in Dubai right now, with demand considerably outstripping supply. As a result, the properties provide both privacy and exclusivity with views of the Dubai skyline directly from the apartments or villas and close access to the private beach. The Bvlgari Marina has more than 50 spaces and can accommodate boats that are 30 feet to 120 feet in length, making it ideal for boating enthusiasts.
The Jumeira Bay area has proven to hold some of the most exciting deals since 2020. Amongst other record-breaking deals all over Dubai, Luxhabitat Sotheby’s also transacted a Jumeira Bay Island mansion at AED 121 million and a dual plot in Jumeira Bay island for AED 120 million.
Jumeira Bay Island, which is located just offshore between famed World Islands and iconic Downtown Dubai, is home to a number of eye-catching mansions. The island, which is shaped like a seahorse, is one of the most coveted properties in all of Dubai for the rich and famous due to its breathtaking vistas. Additionally, it is the location of the renowned Bvlgari Complex & Residences, an opulent resort with the first Bvlgari Yacht Club ever built. According to information from the Dubai Land Department, over AED 2.5 billion in sales have already been registered in the neighbourhood this year.