Dubai property sets record for price per square foot

An apartment at the Bulgari Resort and Residences in Dubai has set a new record for the highest price per square foot in the city.

The three-bedroom property on Jumeirah Bay Island sold for Dh40 million ($10.9m) – which equates to Dh12,624 per square foot – against the backdrop of a surging real estate market, according to figures from Dubai Land Department's database.

Dubai registered 25,972 property transactions in the first quarter of this year, the highest number of quarterly deals since 2010, according to Mo’asher, the emirate’s official sales price index issued by the Dubai Land Department in partnership with Property Finder.

The January to March period recorded sales transactions worth Dh55.51 billion, the report found.

The Bulgari Resort is one of the most coveted addresses in Dubai, with other properties in April selling at an average price of more than Dh8,000 per sq ft, said Kianoush Darban, associate partner at Driven Properties, who brokered the deal.

"Everything about the project is the perfect choice, from its location on the beautiful man-made island in the shape of a seahorse, to the amazing design inspired by the grandeur of ancient Italian architecture and the exceptional facilities offered by the project," he said.

The property market in the UAE, the second-biggest Arab economy, has made a strong recovery from the pandemic-driven slowdown as the country’s economy improves on the back of fiscal and monetary measures.

The recently announced overhaul of the UAE visa residency system will also “hugely benefit” the country's real estate market and bring a “significant influx in buyers”, brokers said.

The luxury property market, in particular, has recorded strong interest from investors.

Prices of luxury homes in Dubai increased 41 per cent in the fourth quarter of 2021, compared with the previous quarter, according to analysis by Luxhabitat Sotheby’s.

Earlier this month, the emirate also posted another record in the property market with the completion of the highest value residential sale yet recorded.

Dubai's version of St Tropez: Inside a Dh20 million Bulgari Mansion

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Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.

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'The worst thing you can eat'

Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.

Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.

Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.