A Dubai penthouse at the BV Residences by BVLGARI Resorts and Residences on Jumeirah Bay Island has sold for AED 40 million (US$10.9 million).
That translated into a price of AED 6,106 for each of the home’s 6,550 square feet, a record for the Middle Eastern financial hub, according to Luxhabitat Sotheby’s International Realty, which represents the building. It’s also 31% higher than the average price of AED 4,660 per square foot.
The half-floor penthouse, which boasts views of both the Dubai skyline and the Bugari Marina, sold last week in an off-market deal in fewer than 30 days, according to Honey Deylami, associate director of Luxhabitat Sotheby’s International Realty. The penthouse’s quick record sale represented another step toward the recovery of Dubai’s luxury real estate market.
“Of late, the Dubai real estate market is booming, with a high demand for these exclusive penthouses at Bvlgari Resorts & Residences,” Ms. Deylami said in a news release. “Since 2018, year over year, the average price per square foot for a unit in Bvlgari Resorts & Residences has increased by 20%, based on the data by the Dubai Land Department, indicating increased buyer interest.”
The BV Residences include 197 homes, all of which have access to the 50-berth marina, a wellness center and concierge services, according to its website.
Ms. Deylami, who represented both the buyer and the seller, declined to identify either party. Mansion Global could not independently determine their identities.
Dubai’s luxury real estate market has been on the rebound since November 2020, when home prices bottomed out after steadily declining since 2014 because of falling oil prices, Mansion Global has reported.
In the third quarter of 2021, the city’s high-end residential market registered sales of 4,827 apartments and 506 villas, according to a report from Luxhabitat Sotheby’s International Realty released in October. Combined, they were worth AED 16.1 billion, a minimal decline of 3.67% from the second quarter, according to the report.