A view of the Bvlgari Lighthouse terrace and penthouse in Palm Jemeriah, Dubai.

Gulf Today Report

Dubai recorded the most expensive apartment sale deal in its history, at a value of Dhs410 million ($112 million).

It is an off-plan deal within the Bulgari Lighthouse project under development in the "Island 2" area on an area of 3,620.45 square meters, according to data from the Dubai Land Department. The price per square meter was Dhs 113,245.59.

Created in partnership with Dubai-based developer Meraas, the new Bulgari Lighthouse tower spans 27 storeys and features 31 penthouses, topped by the magnificent three-story Sky Villa, an unmatched residence with nine bedrooms and a 13,000-square-foot terrace.

Meraas wrote on Twitter, “Architecture in harmony with nature.

“The design of the Bulgari Lighthouse façade takes inspiration from the natural and gentle movements of marine corals in the sea, creating living and breathing light patterns, which evolve and change from day until night. #Meraas #Bulgari”

Real estate transactions amounted to more than Dhs2.4 billion, as the department witnessed, on Thursday, the registration of 456 pledges of allegiance, at a value of Dhs1.82 billion, including 63 pledges of allegiance to land, at a value of Dhs359.9 million, and 393 pledges of allegiance to apartments and villas, at a value of Dhs1.46 billion.

The most important land sales came with a value of Dhs23 million in the Sheikh Mohammed Bin Rashid Gardens area, followed by a pledge of Dhs19 million in the Nad Al Hamar area, followed by a pledge of Dhs19 million in the Satwa area.

The fifth region of Al-Hubiyah topped the regions in terms of the number of pledges of allegiance.

As it recorded 28 sales at a value of Dhs105 million, followed by the Al Yafra 1 region, with 9 sales at a value of Dhs55 million, and a third in Palm Jumeirah, with 5 sales at a value of one million dirhams.

As for the most important sales of apartments and villas, the sale came at a value of Dhs410 million in “Island 2” as the most important sale, followed by a sale of Dhs119 million in the Al Wasl region, and finally a sale of Dhs117 million in the Al Wasl region.

The Business Bay region topped the regions in terms of the number of apartments and villas sold; As it recorded 48 pledges of allegiance, at a value of Dhs92 million, followed by the Al Barsha region, south of the fourth, with 46 pledges of allegiance, at a value of Dhs38 million, and a third in Merkad, with 43 pledges of allegiance, at a value of Dhs65 million.

The mortgages recorded a value of Dhs351.06 million, of which 25 mortgages were for land at a value of Dhs261.31 million, and 53 mortgages were for villas and apartments at a value of Dhs89.76 million.

As for donations, 18 donations were recorded, with a value of Dhs301.08 million, the most important of which was in the Dubai Marina area with a value of Dhs 176 million, and another in the Palm Jumeirah area with a value of Dhs 63 million.