Dubai has recorded its most expensive residential rental deal for a villa on Palm Jumeirah, it has been announced.
The luxury property was rented out for AED3.88 million (just over $1 million), according to the man who brokered the deal.
Riccardo Scala, the head of luxury sales and luxury leasing at brokerage LuxuryProperty.com, has also been behind the sale of two Palm Jumeirah villas for a price of over AED100 million ($27 million) each.
The rented villa is being operated by Luxury Explorers’ Collection, a high-end provider of concierge and property management services, while tenant details remain confidential.
“Since Covid-19 gripped the world some 18 months ago, we have seen a dramatic rise in the demand for super prime properties,” said Scala.
“Buyers and tenants moving to Dubai are not just looking for a home that is aesthetically pleasing, but one that provides privacy and security for their families. Areas like the Palm Jumeirah tick all of these boxes for our clients and transactions of this nature show the strength of the market in 2021, for both sales and rentals.”
Scala said demand is rising for homes that are fully furnished and turnkey, with additional services such as concierge and housekeeping.
“The first half of this year has been just incredible, and at the rate that demand is climbing, we are far from done. I am sure that quite a few more record-breaking deals will be announced before the end of this year,” he added.
The popularity of super-prime villas on Dubai’s Palm Jumeirah shows precious little signs of abating with news last month of the latest sale, which at AED119.5 million became the most expensive villa sold in the emirate since 2015.
The two-storey 12,140-square-foot villa, in the exclusive XXII Carat beachfront community, is spread across a 26,033 sq ft plot featuring a private beach, private pool and landscaped garden.
Prior to this, the most expensive villa sold in 2021 was One100Palm for AED111.25m followed by a villa in the same XXII Carat complex for AED105m.
The sale places the villa as the second most expensive villa ever sold in Dubai with another Palm Jumeirah mansion fetching AED185 million in 2015 which was sold by Chris Boswell.
Ultra-luxury property deals in Dubai are booming with Luxhabitat Sotheby’s reporting more than AED250 million worth of transactions in the first quarter of 2021.
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