A three-bedroom apartment in the iconic Bulgari Resort and Residences was sold by real estate agency Driven Properties this week for a record-breaking price of 13,543 dirhams per square foot, making this transaction the highest recorded price per square foot in the history of Dubai. 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.

Lina Allaoa and Kianoush Darban, both associate partners at Driven Properties are the brokers who netted the deal. They are also credited with several other records set in the Jumeirah Bay Island area, including selling the most expensive residential plot sold in Dubai, the most expensive townhouse sold in the UAE, and the previous record for the highest price achieved per square foot – Dhs12,624.

“This transaction only stands to underline how the ultra-luxury segment of the market is out-performing all others,” says Kianoush, who specialises in Jumeirah Bay Island, and sees 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.”

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