A three-bedroom apartment in the Bulgari Resort and Residences was recently sold for Dh13,543 ($3,687) per square foot. This is the highest price per square foot ever in Dubai and the total price was Dh42.9 million.
Last year, another apartment in the Bulgari Resort and Residences was sold for Dh12,624 per square foot. The total price was Dh40 million.
Many wealthy people from around the world have come to Dubai since the pandemic. This has caused a high demand for luxury properties.
It was estimated that over 4,000 millionaires would come to Dubai in 2022 and this trend continues in 2023 as the Emirate recorded the sale of the most expensive apartment for Dh410 million.
The demand for homes worth over $10 million in Dubai has increased a lot. Sales have more than doubled last year as wealthy people came to the city after the pandemic.
Last year, 219 properties worth over $10 million were sold, compared to only 93 the year before. This is an increase of 135%.
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