Dubai set a new world record in the real estate market on Friday, December 12, by selling the most expensive apartment in the Middle East for 550 million dirhams (about $150 million) at Bugatti Residences.

The transaction, which was completed by Binghatti’s chief sales officer Abdullah Binghatti, marks the highest price per square meter ever recorded in Dubai’s Business Bay, reaching 11,650 dirhams ($3,172 or 2,700 euros) per square meter.

Binghatti CEO Muhammad Binghatti said the company has led the Dubai real estate market so far this year, with more than 14,000 units sold, outperforming public and private competitors.

“As the fastest growing player in the Dubai real estate market, Binghatti has now risen to become one of the top three developers in the city, holding a significant market share according to the latest figures from the Dubai Land Department,” he said.

The ultra-luxurious penthouse is spread over 47,200 square meters and is part of Bugatti Residences, the world’s first residential complex under the Bugatti brand.

The complex has attracted several celebrities, including soccer star Neymar. Jr., Italian tenor Andrea Bocelli and professional soccer player Aymeric Laporte, who have purchased residences within the project.

Located in the heart of Business Bay, Bugatti Residences blends French design with Dubai’s metropolitan character and offers access to key business areas and landmarks.

The project features ultra-luxury homes, Sky Mansion penthouses, high levels of privacy and personalized amenities.

Binghatti said the record sale of further strengthens Dubai’s position as a global center for luxury real estate and highlights the company’s continued focus on delivering cutting-edge architectural projects.

Binghatti Holding Limited is one of the fastest-growing real estate developers in the United Arab Emirates, with a portfolio of more than 80 projects valued at more than 70 billion dirhams ($19 billion or €16.18 billion).

The company has partnerships with global brands including Bugatti, Mercedes-Benz and Jacob & Co., and has credit ratings BB- from Fitch and Ba3 from Moody’s. /tesheshi.com/

Kaynak: prizrenpost