Dubai, UAE — Dubai luxury real estate market transactions hit a new high in May, with a four-bedroom penthouse in Bulgari Resort and Residences selling for a record AED122 million ($33 million), making it the most expensive ready penthouse to ever be sold in the emirate.
The 12,113-square-feet property boasts views of both the Dubai skyline and Bulgari Marina, said Driven Properties, which sold the penthouse.
Driven Properties said in a statement that the sale follows a series of record-breaking deals by the brokerage, from the most expensive plot and townhouse sold, to the highest price per square foot. Bulgari Resort and Residence is an urban oasis inspired by the unique charms of the Mediterranean, it said.
“Dubai is once again demonstrating that it is one of the hottest markets in the world, with no signs of slowing down. Bulgari Resort and Residences has outperformed all other areas, and with good reason; the privacy this project offers is unparalleled,” said Abdullah Alajaji, Founder and CEO of Driven Properties.
Dubai real estate builds on investors’ confidence
Despite the high global inflation, experts do not believe that global inflation will have a significant impact on the Dubai real estate market, as nearly 70 percent of real estate transactions in the UAE are carried out in cash.
Dubai real estate market transactions reach $7.21bn in April
April 2023 was the best month in a decade for Dubai’s real estate market, both in terms of the number of transactions and the value of these deals.
The number of transactions grew by 17 percent to 8077 in April 2023, from 6898 transactions in April 2022, according to the recent data by Property Finder, a property portal.
Also read: Dubai real estate sector deals increase by 80% in Q1 to $42.75 billion