A record has been set for the most expensive apartment sale in Dubai as the property market continues to ride the momentum from last year.
The sale, worth Dh410 million ($112 million), was for a penthouse at Bulgari Lighthouse development at Jumeirah Bay.
The property is an off-plan purchase for a nine-bedroom home with five parking spaces, Dubai Land Department data show.
Set across 38,970 square feet, the price means it sold at Dh10,521 per square foot, with the deal registered on February 1.
Bulgari Lighthouse is a 27-storey residence overlooking the sea, and will have 31 penthouses, plus the three-level sky villa.
The development, by Meraas, has been designed by renowned architectural firm Antonio Citterio Patricia Viel, and the building “embodies Italian contemporary aesthetics while taking inspiration from the natural world and the beautiful surrounding landscape”, according to the project's website.
Property prices across Dubai rocketed last year, particularly in the prime sector, as the market and wider economy bounced back from the coronavirus-induced slowdown.
A record for ultra-luxury property deals was set, with 219 sales of homes valued at $10 million and above.
Dubai’s prime residential market registered transactions worth Dh30.7 billion ($8.35 billion) in the fourth quarter of 2022, reflecting a volume growth of about 40 per cent from the third quarter, a report by Luxhabitat Sotheby’s International Realty found.
The average price of property in prime areas was Dh6.9 million, with 9,836 units sold, it said.
As well as records for the total number of transactions, records were also set for the most expensive property sale and highest rental deal during 2022.
Record transaction numbers have continued into 2023, with 9,879 sales transactions worth more than Dh28 billion recorded in January.
That is a more than 128 per cent year-on-year increase in volume after 5,739 transactions were completed in January 2022.
“In terms of value, the transactions for existing properties witnessed an increase of around 42 per cent year on year, reaching over Dh16 billion, compared to Dh11.4 billion in January 2022, recording highest volume and value for the month for in a decade,” Property Finder said.
“Off-plan transactions witnessed remarkable performance, with a 90 per cent year-on-year increase, recording over 5,000 transactions, compared to 3,086 in January 2022, as well as an increase of 130 per cent in value worth more than Dh12.1 billion, as opposed to Dh5.3 billion during the same time last year.
“This was recorded as the highest volume and value for off-plan transactions for the month of January over the last decade.”
Last month, Dubai Crown Prince Sheikh Hamdan bin Mohammed described the emirate's property market performance as “exceptional” and said it would help achieve its vision to be “one of the world’s top three cities”.
“The results also support the goal of the Dubai Economic Agenda D33 … to double the size of Dubai's economy by 2033,” he said. “The sector is a pillar of Dubai's strategy for sustainable development and a vital driver of its 2040 Urban Master Plan.”
__________________________________
Schedule:
Friday, January 12: Six fourball matches
Saturday, January 13: Six foursome (alternate shot) matches
Sunday, January 14: 12 singles
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Vikram%20Vedha
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Gayatri%2C%20Pushkar%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Hrithik%20Roshan%2C%20Saif%20Ali%20Khan%2C%20Radhika%20Apte%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%C2%A0%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
West Asia Premiership
Dubai Hurricanes 58-10 Dubai Knights Eagles
Dubai Tigers 5-39 Bahrain
Jebel Ali Dragons 16-56 Abu Dhabi Harlequins
Iran's dirty tricks to dodge sanctions
There’s increased scrutiny on the tricks being used to keep commodities flowing to and from blacklisted countries. Here’s a description of how some work.
1 Going Dark
A common method to transport Iranian oil with stealth is to turn off the Automatic Identification System, an electronic device that pinpoints a ship’s location. Known as going dark, a vessel flicks the switch before berthing and typically reappears days later, masking the location of its load or discharge port.
2. Ship-to-Ship Transfers
A first vessel will take its clandestine cargo away from the country in question before transferring it to a waiting ship, all of this happening out of sight. The vessels will then sail in different directions. For about a third of Iranian exports, more than one tanker typically handles a load before it’s delivered to its final destination, analysts say.
3. Fake Destinations
Signaling the wrong destination to load or unload is another technique. Ships that intend to take cargo from Iran may indicate their loading ports in sanction-free places like Iraq. Ships can keep changing their destinations and end up not berthing at any of them.
4. Rebranded Barrels
Iranian barrels can also be rebranded as oil from a nation free from sanctions such as Iraq. The countries share fields along their border and the crude has similar characteristics. Oil from these deposits can be trucked out to another port and documents forged to hide Iran as the origin.
* Bloomberg
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
The specs: 2018 Audi RS5
Price, base: Dh359,200
Engine: 2.9L twin-turbo V6
Transmission: Eight-speed automatic
Power: 450hp at 5,700rpm
Torque: 600Nm at 1,900rpm
Fuel economy, combined: 8.7L / 100km
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
More from Neighbourhood Watch:
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
SERIE A FIXTURES
Saturday
AC Milan v Sampdoria (2.30pm kick-off UAE)
Atalanta v Udinese (5pm)
Benevento v Parma (5pm)
Cagliari v Hellas Verona (5pm)
Genoa v Fiorentina (5pm)
Lazio v Spezia (5pm)
Napoli v Crotone (5pm)
Sassuolo v Roma (5pm)
Torino v Juventus (8pm)
Bologna v Inter Milan (10.45pm)
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
more from Janine di Giovanni
match info
Maratha Arabians 138-2
C Lynn 91*, A Lyth 20, B Laughlin 1-15
Team Abu Dhabi 114-3
L Wright 40*, L Malinga 0-13, M McClenaghan 1-17
Maratha Arabians won by 24 runs
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
