Palm Jumeirah villa becomes Dubai's most expensive rental

Palm Jumeirah villa becomes Dubai's most expensive rental

A villa on Dubai's sought-after Palm Jumeirah has been rented on a six-month basis for Dh4 million ($1.09m), as rents for luxury properties across the city soar.

On a year-long tenancy this would equate to a record-breaking Dh8m, surpassing the previous recordof Dh7.5m set by a villa in Emirates Hills last year.

“The homes that are currently coming to market are of a standard well above what we typically see in Dubai,” said Liam Ure, a senior private client adviser at Al Hameed Real Estate, who closed the deal.

“We are looking at custom-built mansions with materials sourced from all over the world, design elements provided by renowned brands, and features that are wholly unique. You can’t really price ... that sort of property according to the standard market value ― they sit in their own separate price bracket.”

Details of the villa, such as size, precise location and tenant were confidential.

Rents across Dubai have been rising this year as the wider economy makes a strong recovery from the pandemic.