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An apartment in Bulgari Resort and Residences 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 was sold for 40 million dirhams ($10.9 million), which corresponds to 12,624 dirhams per square foot or $37,108 per square meter, amid a growing real estate market, according to data from the Dubai Land Department database.
Dubai registered 25,972 real estate transactions in the first quarter of this year, which is the highest number of quarterly transactions since 2010, according to Mo'asher, the emirate's official selling price index published by the Dubai Land Department in partnership with Property Finder.
The report says that during the period from January to March, purchase and sale transactions worth 55.51 billion dirhams ($15.11 billion) were registered.
Bulgari Resort is one of the most desirable addresses in Dubai, while other properties in Dubai in April are sold at an average price of about 8000 dirhams per sq. m. a foot or $23,522 per square meter.
"Everything in this project is an ideal choice, from its location on a picturesque artificial island in the shape of a seahorse to an amazing design inspired by the grandeur of ancient Italian architecture and the exceptional amenities offered by the project," said a representative of the developer of the complex.
"This is the secluded place you dream of, in the heart of Dubai," reads its advertising slogan.
The real estate market in the UAE, the second largest Arab economy, has recovered strongly after the slowdown caused by the pandemic, as the country's economy improves thanks to fiscal and monetary measures.