Dubai villa rented out for Dh15.5 million a year in emirate's largest leasing deal

The mansion is located on the waterfront of Jumeirah Bay island

Somshankar Bandyopadhyay

Published: Tue 15 Oct 2024, 3:49 PM

Last updated: Wed 16 Oct 2024, 3:32 PM

Dubai’s uber luxury real estate market has just hit a new milestone — with the successful closing of the largest leasing deal in Dubai’s history.

The property, located on the exclusive Jumeirah Bay Island, was leased for an impressive Dh15.5 million for the year.

The deal was brokered by Toni Abou Jaoude, sales and leasing manager of the local division at Prime by Betterhomes.

Advertising

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

The leased property is an private mansion set on the waterfront of Jumeirah Bay, offering views of the ocean and the Bvlgari Resort & Residences.

This record-breaking deal underscores the growing demand for ultra-luxurious living spaces in Dubai, particularly as high-net-worth individuals and investors from around the globe continue to flock to the city. Recent data from Prime by Betterhomes shows that transactions exceeding Dh15 million surged by 65 per cent in Q3, further solidifying Dubai as a top destination for luxury residences.

Toni Abou Jaoude, sales and leasing manager of the local division at Prime by Betterhomes. — Supplied photo

“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.

Exclusive neighbourhoods like Jumeirah Bay are at the forefront of this trend, offering residents privacy, security, and a lavish lifestyle. With prime properties continuing to set new records, the city remains a magnet for affluent individuals and families seeking the best in luxury living.

ALSO READ: