A Dh115 million transaction for a beachfront Bulgari home on Jumeira Bay island continues the purchasing spree in Dubai’s super-luxury property market. The five-bedroom home (plus separate ones for maid and driver) has a total area of 12,837.47 square feet and is already one of Dubai’s most expensive property transactions of all time.
There are also notable distinctions between this and other of the other Dh100 million-plus home purchases witnessed in Dubai. The property was sold off-the-plan, with the majority of the other transactions being for existing homes in areas like the Palm, Emirates Hills, and Dubai Hills.
Just as interesting, the transaction includes a mortgage, while all of the others were all-cash. “The mansion will see its completion by late July of 2024,” said Sunain Yousuf, CEO of Four Apple Real Estate, who brokered the deal. “This is a newly launched off-plan project from Meraas, and the buyer was keen on securing this particular unit, regardless of whether any discounts or incentives were offered.”
Power of ‘Bulgari’ pull
Bulgari Residences on Jumeira Bay have been among the most sought-after by investors and end-users. The fact that there are – and will be – only a few apartments have heightened demand, with plots on the island fetching some astronomically high prices in recent months.
“The Dh115 million sales tag is certainly in keeping with the current market value for the top end of Jumeira Bay mansions,” said Yousuf. “We can surely predict that more high-value transactions ahead will happen in the community.”
Meraas is the main developer of Jumeira Bay, which also includes a marina and a 197-room Bulgari hotel. The resort has also been dubbed the ‘Billionaires’ Island’ in recent real estate reports. Jumeira Bay could be in for a few more ‘record-breaking’ deals this year, according to market sources.
“Some of the potential sellers are still evaluating whether there is room to ask for more,” said an estate agent, who had been party to some transactions there in the recent past. “In terms of per square foot, we are already seeing some beachfront plots achieve well above Dh15,000/psf. This sure is record territory.”