A Dubai real estate broker said on Wednesday that it has completed the most expensive residential leasing transaction for a luxury villa in Emirates Hills.
At AED7.5 million ($2 million) annually, the record-breaking deal comes not long after the previous AED3.8 million/year record for a Palm Jumeirah property in July, Betterhomes said in a statement.
Hannah Pratap from Betterhomes successfully sealed the deal which follows another in September in Emirates Hills for AED1.85 million.
Details of the tenant and property have not been disclosed for privacy and confidentiality reasons, Betterhomes added.
Known for its luxury and privacy, Emirates Hills is one of Dubai’s most sought-after residential communities. It is a mansion-filled enclave with custom-built villas on spacious plots that look out over the rolling greens of the golf course.
Pratap said: “From my experience in these two massive deals I was involved in, I can say that tenants looking to rent luxury properties know precisely what they are looking for in their ideal homes.”
Sales and leasing of larger properties in the Dubai real estate market picked up during the lockdown in 2020.
According to Betterhomes data for Q3, the demand has continued since then, especially in prime villa communities in Dubai as tenants looked for more space for day-to-day activities.
According to Betterhomes, new tenants in the market usually look at well-established apartment communities such as Downtown, Jumeirah Beach Residence, or the Marina.
However, with an increasing number of high net worth individuals (HNIs) relocating to Dubai, the trend has shifted towards larger properties with a 63 percent increase in the number of rentals for villas with over five bedrooms in Q3 alone.
“The Dubai real estate market has seen a dramatic rise in demand for uber-luxury properties this past year, with a majority of the clients being HNIs migrating to the UAE. Most of them are looking to make the change for a plethora of reasons such as their desire for privacy, the post-Covid resilience of Dubai’s economy, and most importantly, the UAE’s response to the pandemic,” said Pratap.
“These foreign tenants are currently flooding Dubai’s high-end property market, and the trend is showing no indication of slowing down. In fact, in my opinion, demand is going to increase in the coming months due to the new laws pertaining to UAE citizenship and golden visas.” she added.
Established in 1986, Betterhomes is one of the oldest and largest real estate companies in Dubai.
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