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Dubai: Most expensive ready penthouse sold for Dh122 million

Four-bedroom apartment in Jumeirah Bay Island sets new record

Published: Mon 15 May 2023, 3:12 PM

Updated: Mon 15 May 2023, 11:29 PM

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A four-bedroom penthouse in Bulgari Resort and Residences has been sold for a whopping Dh122 million, becoming the most expensive ready penthouse sold in the emirate.

The penthouse is spread over a full floor of 12,113 square feet, reflecting that demand for the high-end property – especially the penthouse – stays pretty strong, driven by the inflow of high-net-worth individuals. The property was sold by Driven Properties.

Jumeirah Bay Island in Dubai, also known as billionaire’s island, has seen a massive increase in interest from the ultra-rich – particularly in the post-Covid period, with property prices on the man-made island skyrocketing.

In February 2023, the Island set another record when Dubai’s most expensive penthouse was sold for Dh410 million in Bulgari Lighthouse.

Earlier this month, a three-bedroom apartment in the Bulgari Resort and Residences was sold for Dh13,543 per square foot, making it the highest price per square foot in Dubai ever, with a price tag of Dh42.9 million.

The previous record for the highest price per square foot was also in Bulgari Resort and Residences last year, where an apartment was sold for Dh12,624 per sqft with a total value of Dh40 million.

“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, as is its location and impeccable quality,” said Abdullah Alajaji, Founder and CEO of Driven Properties.

“This latest transaction answers all questions as to the current state of the property market in Dubai – there is no doubt that it is continuing to grow, and this becomes more and more apparent every day. This deal is one of many to come in this prime area,” said Leila Shugri, the agent behind the sale.

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