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Dubai: Highest apartment rent in history? 4-bedroom unit leased out for Dh4.4 million a year

The tenant is a high-net-worth European family who is returning to live and work in the emirate after a stay abroad

Published: Thu 5 Dec 2024, 1:22 PM

Updated: Sun 8 Dec 2024, 7:51 PM

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Photo: Supplied

Photo: Supplied

A penthouse at The Royal Atlantis Resort and Residences on Palm Jumeirah has been rented out for Dh4.4 million — becoming the one of the 'biggest single-unit rental deals' in Dubai. It is believed to be the 'most expensive' apartment lease in the city's history, a real estate agency claimed.

The 10,000sqft four-bedroom penthouse includes a living and dining area, a library, and an exercise room — all fully furnished. It also comes with a 2,700sqft terrace and a transparent infinity pool with panoramic views of the city and the Burj Al Arab.

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The tenant is a high-net-worth European family who is returning to live and work in Dubai after a stay abroad, according to real estate agency Metropolitan Premium Properties, which negotiated the deal.

They selected the penthouse for its high-end amenities, the hotel concierge service it provides and the fact that it was turnkey and ready to move in.

Residents of The Royal Atlantis Resort and Residences can also take advantage of a private beach, 17 celebrity-led restaurants, a 295ft sky-high infinity pool and a state-of-the-art fitness centre, among other amenities.

Unique penthouse

“The client stayed in Dubai earlier and then moved to Europe, but later decided to return because they loved the place,” Vladimir Minaev, a luxury property specialist at Metropolitan Premium Properties, told Khaleej Times. “They bought an off-plan property, and while waiting for the completion, they decided to rent a place out.”

He added that the family initially rented out another place. “After staying there for three months, they understood it was not suitable to their taste,” he said. “They were expecting a bit higher level of amenities and service. So, they just decided to change the property.

Vladimir Minaev

Vladimir Minaev

“It is undoubtedly the most unique penthouse in Dubai as there is nothing that compares. I really believed in the project from day one and advised my clients, such as the owner of the penthouse, to invest at an early stage. He now has multiple units in the development and has seen his investments significantly increase in value.”

He said it was common practice among HNW families to rent for a few years after coming to Dubai. “Based on my experience, about 50 per cent of these individuals prefer to try the market, to stay here for one or two years in the rental unit and then to buy something,” he said. “They don’t want to rush into something. They want to see if they like the area, they look around for some other projects,  compare it, and they want to make the right decision.”

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