In Dubai, an off-plan beachfront mansion sells for 115 million dirhams on the island of Jumeira Bay
Equally interesting, the transaction includes a mortgage, while all the others were entirely in cash. “The mansion will see its completion at the end of July 2024,” said Sunain Yousuf, CEO of Four Apple Real Estate, which brokered the deal. “This is a newly launched off-plan project from Meraas, and the buyer was keen to secure this particular unit, regardless of whether any discounts or incentives were offered.”
Bulgari homes in Jumeira Bay have been among the most sought after by investors/end users. The fact that there is – and will be – only a limited set of units has amplified this interest, with plots on the island reaching stunning values in recent months.
“The turnover of 115 million dirhams certainly corresponds to the current market value of the high-end Jumeira Bay mansions,” Yousuf said. “We can definitely predict that more high-value transactions will occur in the community.”
Meraas is the master developer of Jumeira Bay, which is also home to the 197-room Bulgari hotel and a marina. In recent estate news, the destination has also been tagged as ‘Billionaire Island’. According to market sources, Jumeira Bay could see a few more “record” transactions this year.
“Some of the potential sellers are still assessing whether there is room to charge more,” said a real estate agent, who had been involved in some transactions in the recent past. “In terms of square feet, we are already seeing some beachfront plots fetch well over Dh15,000/psf. It is sure that it is a territory record.