The most significant lease contract in Dubai’s history was just secured, marking a notable milestone for the ultra-luxury real estate sector in the city.
Record-breaking lease details
They are leasing the elite Jumeirah Bay Island villa for a year, costing Dh15.5 million.
Toni Abou Jaoude, the sales and leasing manager for Betterhomes’ local business, acted as a mediator for the deal on behalf of Prime.
Property Description
The rented property is a private residence with views of the ocean and the Bvlgari Resort & Residences, located on the shoreline of Jumeirah Bay.
Dubai’s growing luxury real estate market
Dubai’s need for abundant living spaces is growing, as evidenced by this contract that broke records, particularly with the influx of high-net-worth individuals and investors globally. According to current data from Prime by Betterhomes, the digit of transactions surpassing Dh15 million increased by 65% in quarter three, affirming Dubai’s position as the ultimate location for luxury real estate.
Broker’s perspective
“The real estate market today is as strong as I’ve always believed it should be. While this deal sets a new record, it shouldn’t come as a surprise for such premium products. I believe this will set a new benchmark for luxury rental prices, reflecting the rising demand for high-end living in Dubai,” Abou Jaoude said.
Impact on Dubai’s Luxury Real Estate Landscape
At the front of this movement are exclusive communities like Jumeirah Bay, which provide residents with seclusion, safety, and an opulent lifestyle. The city resumes to attract wealthy people and families peeking for luxurious living while premium residences smash records.
