Selling a villa in Dubai worth 55 million dirhams
A four-bedroom villa on the island of Jumeirah Bay has set a new record in terms of price per square foot, on this island that houses the most expensive villa group in Dubai.
The price per square foot was a record 7,775 dirhams, with a total value of 55 million dirhams.
In detail, Sotheby's International Realty announced that it had concluded a deal worth 55 million dirhams to sell a 4-bedroom Bvlgari villa on the island of Jumeirah Bay, at a record price of 7,775 dirhams per square foot, one of the rare deals that took place on the island.
Recent real estate reports indicate that Jumeirah Bay Island in general witnessed the largest increase in the price per square foot, which increased by 44.3% from 4,502 dirhams in the first quarter of this year to 6,500 dirhams in the second quarter.
Commenting on this deal, George Azar, Chairman of the Board of Directors of Luxpatite Sotheby's International Realty, indicated that this type of transaction reflects the real market orientation towards rare properties, as well as the high demand of the final consumer for ready-made housing with international brands, stressing that what is happening is not speculation. or propaganda.
He added, "These magnificent villas at Bvlgari Resort and Residences are highly desirable, but are not currently available in the market to meet the increasing demand."
Dubai Land Department data indicates that the average price per square foot for a unit in Bvlgari Resort and Residences has increased at a sustainable annual rate since 2019.
The connected Bvlgari Resort and Residences is among the trendiest properties in Dubai today, with demand outstripping supply, as it offers privacy and exclusivity with uninterrupted views of the Dubai skyline and easy access to a private beach.
The Bulgari Marina includes parking space for more than 50 boats ranging in length from 30 feet to 120 feet, making it ideal for boating enthusiasts.
Jumeirah Bay has proven to be witnessing the most exciting real estate deals since 2020. Luxpatites Sotheby’s has sealed a record-breaking deal in Dubai to buy a villa on Jumeirah Bay Island worth AED 121 million and twin plots of land worth AED 120 million.
Jumeirah Bay Island, which is located offshore in Downtown Dubai, is among the most famous islands in the world and includes a number of attractive villas.
In the shape of an enormous seahorse, the island is considered one of the most sought after properties in Dubai by the rich and famous due to its vistas of the Arabian Gulf.
In addition, it is home to the iconic Bvlgari Residences complex which includes the first yacht club and marina under the Bvlgari brand.
According to data from the Dubai Land Department, sales of more than 2.5 billion dirhams were recorded on the island this year.
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