Dubai: Apartment sold for highest price per square foot in city's history

The emirate's luxury property has seen unprecedented demand after the pandemic, driven by the inflow of high-net-worth individuals from across the globe

by

Waheed Abbas

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A Ferrari supercar in The Bulgari Resort in Dubai, UAE on Feb 19, 2019
A Ferrari supercar in The Bulgari Resort in Dubai, UAE on Feb 19, 2019

Published: Tue 7 Feb 2023, 11:27 AM

Last updated: Tue 7 Feb 2023, 3:42 PM

A three-bedroom apartment in the Bulgari Resort and Residences has been 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’s luxury property has seen unprecedented demand after the pandemic, driven by the inflow of high-net-worth individuals from across the globe. It was estimated that over 4,000 millionaires would flock to Dubai in 2022. This trend continued in 2023 as the emirate witnessed the sale of the most expensive apartment, valued at Dh410 million.

According to global property consultant Knight Frank, demand for Dubai’s $10-million plus homes has seen a massive increase, with sales more than doubling last year as elites and millionaires flocked to the emirate after the pandemic. Around 219 transactions for properties with a value of over $10 million were made last year, as compared to 93 in the previous year in Dubai; an increase of 135 per cent, it said.


Bulgari Hotel & Resorts luxury hotel and yacht bay in Dubai, UAE.
Bulgari Hotel & Resorts luxury hotel and yacht bay in Dubai, UAE.

“Dubai is currently the hottest market in the world, with the residential property segment projected to see tremendous growth this year. This sale is only the beginning; we expect Dubai to remain hugely attractive to both residents and those abroad looking for the right investment in a geopolitically safe and secure city,” said Abdullah Alajaji, founder and CEO of Driven Properties.

Lina Allaoa and Kianoush Darban, both Associate Partners at Driven Properties, are the brokers behind the deal.

They were also behind the most expensive residential plot sold in Dubai, the most expensive townhouse sold in the UAE, and the previous record-breaking Dh12,624 per sqft deal.

“This transaction only stands to underline how the ultra-luxury segment of the market is out-performing all others,” Kianoush said, adding that there are no signs of the market slowing down.

“There are very few projects in Dubai that cater to ultra-high-net-worth individuals, and Bulgari Resort and Residences is certainly one of them.”

“We never intend to break records when helping our clients find their home on Jumeirah Bay Island, but supply is limited, and the community is absolutely unique in the one-of-a-kind lifestyle it offers,” says Lina Allaoa.

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