Dubai Bulgari Penthouse at BV Residences on Jumeirah Bay Island Sells for 40 Million AED Setting a New Record

A luxury penthouse in Dubai at the BV Residences by BVLGARI Resorts and Residences on Jumeirah Bay Island has sold for AED 40 million or USD 10.9 million.

That actually meant a staggering price of AED 16,506 for each of the home’s 10,677 square feet, making it 43% more expensive than the average luxury condo in Dubai at $7,065 per square foot. Luxhabitat Sotheby’s International Realty which represents the building confirmed the deal.

This Dubai penthouse at the BV Resort and Residences which has sold for AED 40 million will surely set the trend for luxury real estate deals in Dubai for the year 2022 & beyond.

Exclusive luxury features

This massive half floor luxury penthouse boasts of views of the Dubai skyline and the Dubai Marina. The BV Residences include 197 homes and the proud owners of this luxury property in Dubai have access to the 50-berth marina, a wellness center and concierge services

This amazing luxury home was also sold by property agents in an off-market deal in fewer than 30 days and it surely marks another step toward the recovery of Dubai's luxury real estate market.

The demand for luxury properties in Dubai is rising and sales of penthouse suites at BV Residences by BVLGARI Resorts and Residences on Jumeirah Bay Island reveals this.

Luxury real estate rebounding in Dubai

Dubai has always been such a popular destination for many things including luxury real estate investments. It is therefore no surprise that the luxury real estate market in Dubai has been improving since November 2020, when home prices bottomed out due to falling oil prices. With multitude of these incredible and luxurious properties in Dubai being offered and sold successfully, it is not surprising that Dubai’s economy is swiftly also finding itself on the fast track again, as per reports of leading luxury real estate agencies in Dubai.

The high-end residential market in Dubai continues to trend upwards. Luxhabitat Sotheby’s International Realty reported that in 3Q of 2021, 4,827 apartments and 506 villas worth a combined AED 16.1 billion transfered hands, up just 3.67% from the second quarter.