The price of renting an apartment in Dubai’s Palm Jumeirah can vary up to $800k a year, according to new research by Arabian Business.
The lowest priced rental is now just $17k a year for a 548 square foot studio flat – $31 per square foot. The Palm’s most expensive rental is $817k a year, for a four bedroom penthouse in Andaz Hotel.
But with the penthouse covering only 3,133 square feet, it equates to $260 per square foot.
Another penthouse in the FIVE Hotel is priced at $477k for the year, but at only 780 square feet comes to a staggering $611 per square foot.
The huge rental prices come as Dubai property sale prices rose in August according to new data from property consultancy CBRE.
It said that average apartment prices were 7.7 percent higher annually in August while villa prices rose by 15.8 percent annually.
On a monthly basis, apartment prices were up 0.5 percent compared with July and villa prices rose by 0.3 percent.
Record Palm Jumeirah sale
Earlier this week, one Palm Jumeirah mansion was sold for AED302.5 million, becoming the most expensive home to be sold in Dubai.
Casa Del Sole, which is still partially under construction will be completed in early 2023 and will feature eight bedrooms and 18 bathrooms. The mansion will also include a gym, cinema, bowling alley, jacuzzi and a basement car parking that fits 15 vehicles.
Luxury properties in Dubai, have caught the eye of many from the world over, because of the emirate’s liberal visa policies, – particularly, the golden visa scheme – its pandemic resilience and ease of doing business.
These economic reforms have reaped benefits primarily in the real estate market. “We developed six villas and have nearly sold all of them,” Murat Ayyildiz, founder and chairman at Alpago Group told Bloomberg.
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