Dubai luxury real estate market transactions hit a new high in May, with a four-bedroom penthouse in Bulgari Resort and Residences topping the list.

The spacious, full-floor 12,113 sq ft property sold for a record breaking AED122 million ($33.22 million), making it the most expensive ready penthouse ever to be sold in Dubai, said a report.

The apartment is a true architectural gem, boasting views of both the Dubai skyline and Bulgari Marina, and designed in Bulgari’s refined signature style: contemporary and timeless. It was sold by Driven Properties and follows a series of record-breaking deals by the brokerage, from the most expensive plot and townhouse sold, to the highest price per square foot.

“Dubai is once again demonstrating that it is one of the hottest markets in the world, with no signs of slowing down. Bulgari Resort and Residences has outperformed all other areas, and with good reason; the privacy this project offers is unparalleled, as is its location and impeccable quality,” said Abdullah Alajaji, Founder and CEO of Driven Properties.

Occupying a pristine stretch of coastline on Jumeirah Bay Island, Bulgari Resort and Residence is an urban oasis inspired by the unique charms of the Mediterranean. Larger in scale than any other Bulgari destination, the property evokes and complements its maritime setting, and is home to the first Bulgari Marina & Yacht Club. It is one of the most sought-after and prestigious addresses in Dubai.

Leila Shugri, the agent behind the sale, commented: “This latest transaction answers all questions as to the current state of the property market in Dubai – there is no doubt that it is continuing to grow, and this becomes more and more apparent every day. This deal is one of many to come in this prime area.”