Dubai sets a new record with an apartment sold for $112 million

Apartments for sale in dubai

Dubai, a remarkable city, is known to offer a luxury lifestyle, premium amenities, and world-class facilities in the world. With Dubai’s futuristic approach and its growing economy, the emirate leads the world in governance, preparedness and effectiveness. Moreover, the government’s commitment to making the city one of the most business-friendly destinations in the region, through the promotion of foreign investment and a reduction in bureaucratic procedures, alongside an attractive tax system, will only continue to fuel the growth of the city in the foreseeable future.

Seeing the serious initiatives and continuing financing a large infrastructure projects means that demand for properties in Dubai is likely to continue to grow in both the short and long term. In the post-pandemic era, the UAE government has not just introduced residence visas but also allowed 100% business ownership to make Dubai more attractive for potential investors. Recently, Sheikh Mohammed has unveiled a staggering $8.7 trillion worth economic plan to further encourage and develop the UAE’s investment sphere and to make it more attractive for foreign investors.

Dubai real estate – A star performer

Investors and entrepreneurs now seek to capitalise on the city’s excellent economic conditions and business-friendly environment. Resultantly, Dubai is likely to experience an influx of more new investors, which will facilitate the shift towards more lucrative projects – allowing businesses to flourish well and benefit from the many opportunities in this sector. Thanks to continuing strong demand from foreign High-net-worth individuals (HNWIs), who settle for nothing but the best, prices for properties for sale in Dubai showing a steep spike.

This robust demand conduces to the launch of luxury projects in Dubai, which also led these investors to explore prime areas of Dubai. It seems like millionaires can go to any length to find their favourite luxury property and are ready to spend millions. For instance, in 2022, a 5 bedroom apartment in Dubai was sold for a whopping AED168 million, which was one of the most expensive abodes in Dubai. However, the record is broken with numerous villas priced higher than it.

The most expensive apartment in Dubai is sold

Buying luxury properties for sale in Dubai has become a norm as in the last year, an Indian business tycoon bought the most expensive villa in Dubai for $163 million. And when it comes to apartments, the record has been elevated with the sale of another ultra-luxury apartment. Dubai real estate market has continuously been riding higher in the post-pandemic market.

What is the worth of Dubai’s most expensive apartment?

Damac Bay at Cavalli by Damac Properties

Located at Jumeirah Bay, a penthouse apartment planned in the Bulgari Lighthouse development is sold for $112 million (AED 410 million). Spread across 38,970 sq. ft. the apartment is sold at a whopping AED 10,521 per sq. ft. It has created a buzz in international media and made other property buyers curious about its details. According to Dubai Land Department’s (DLD) data:

Key Features and Amenities

  • An off plan nine-bedroom apartment, Bulgari Lighthouse
  • It comes with 5 dedicated parking spaces
  • Spread over 38,970 sq. ft.

About Bulgari Lighthouse

Bulgari Lighthouse is a 27 storey residential waterfront development, which features 31 penthouses and a three-level sky villa. It is an off plan development by Meraas, which has been designed by the renowned architectural firm Antonio Citterio Patricia Viel. The development “embodies Italian contemporary aesthetics while taking inspiration from the natural world and the beautiful surrounding landscape”.

The exterior design of Bulgari Lighthouse’s façade is inspired by the natural and gentle movements of marine corals in the sea. Moreover, living and breathing light patterns have also been created that change their colours from day until the night.

Dubai luxury properties – Extravagant, High-tech and Elegant

From the classic old-world charm to the extravaganza, Dubai has it all. The city of gold is not just known for architectural marvels but as an emerging investment hub as well. Owing to the spike in demand for luxury properties for sale in Dubai, a sharp increase in property sales prices is also observed in the last year – soon after the country bounced back from the COVID-19 induced global crunch.

Another notable trend is investors’ ever-growing love for ultra-luxury property deals, with 219 luxury properties sold in Dubai valued at $10 million and above.

December 2022 remained a record-breaking month for Dubai real estate

Backed by foreign investors’ rising interest in luxury properties for sale in Dubai and a growing economy, Dubai real estate market showed resilience and growth. Resultantly, December 2022 concluded on a positive note for Dubai real estate sector, which led to a further increase in property prices.

The total worth of real estate transactions in December 2022 was AED 26.1 billion in total, with a total number of transactions recorded crossing the 9,000 mark. According to official data released by the Dubai Land Department (DLD), 9,507 properties were sold in December, which indicates investors’ unshakeable confidence in Dubai real estate market. The numbers of transactions are 68.9 per cent higher compared to the transactions recorded in December 2021. Moreover, the value of these deals is also 65.6 per cent higher than the value of the properties sold in December 2021.

Dubai continues to show growth trajectory in 2023

2022 proved to be a remarkable year for Dubai real estate market but the record growth continued in 2023. In January 2023, 9,879 properties for sale in Dubai were recorded, which are worth more than AED28 billion. The number represents tremendous growth, which is 128 per cent year-on-year higher in volume compared to 5,739 transactions completed in January 2022.

Off-plan property transactions also showed remarkable performance, with a 90 per cent year-on-year increase. In January 2023 alone, 5,000 off plan property transactions are recorded compared to 3,086 in January 2022. It is an increase of 130 per cent in value and worth more than AED12.1 billion, as opposed to AED5.3 billion during the same time last year.

Call us now!

If you are also planning to invest in luxury properties for sale in Dubai, you must contact the team HFRE at +971 4876 2473 or you can also write us your query at Work with the industry experts and you will comprehend that no one knows the market better than us. Moreover, we have vetted every luxury property listing and we can suggest you the best investment options according to your budget and investment goal.

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