Real estate in Dubai has set a new record for the price per square meter

An apartment in Bulgari Resort&Residences complex in Dubai has set a new record for the highest price per square meter in the city.

A three-bedroom property on Jumeirah Bay Island has been sold for 40 million dirhams ($10.9 million). The cost per square meter in it was 12 624 dirhams. These are the data from the database of Dubai Land Department.

In the first quarter of 2022, 25 972 real estate transactions were registered in Dubai, which is the highest number of quarterly transactions since 2010. During the period from January to March 2022, purchase and sale transactions in the amount of 55.51 billion dirhams were registered.

The luxury real estate market has shown great interest from investors. Prices for luxury homes in Dubai increased by 41% in the fourth quarter of 2021 compared to the previous quarter.