Luxhabitat Sotheby's International Realty said that it has closed a deal for a four-bedroom Bvlgari Mansion in Jumeirah Bay Island for Dh55 million, reported Khaleej Times on Thursday.

The Bvlgari mansion is now the most expensive four-bedroom mansion on the Island, it said. The property was sold at Dh7,775 per square foot,

In the overall prime market, Jumeriah Bay Island saw the largest increase in price per sqft, jumping 44.3 per cent between Q1 and Q2 to reach Dh6,500 per sqft, up from Dh4,502 in Q1.

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Buyer demand for the branded property has been substantial despite the market's scarcity of available options.

"This type of transaction shows us what the real market inclination is for rare properties. It's not speculation or hype but a true form of end-user appetite for ready, turn-key branded residences," George Azar, chairman of Luxhabitat Sotheby's International Realty, was quoted as saying in the report.

"These exquisite Mansions at Bvlgari Resorts & Residences are extremely coveted, but none are currently on the market to satisfy the demand."

According to data compiled by the Dubai Land Department, the average price per square foot for a unit at Bvlgari Resorts & Residences has climbed consistently year on year since 2019.

The connected Bvlgari Resorts & Residences are among the most popular properties in Dubai right now, with demand considerably exceeding supply.

Consequently, the properties provide both privacy and exclusivity with views of the Dubai skyline directly from the apartments or villas with close access to a private beach.

The Bvlgari Marina has more than 50 spots and can accommodate boats that are 30 feet to 120 feet in length, making it ideal for boating enthusiasts.

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