June 22, 2024

Dubai real estate market clocks its highest leasing deal worth AED7.5 million


During this week, whopping AED7.5 million deal (just above USD 2 million) annually was successfully closed in Dubai as it witnessed most expensive ever residential leasing transaction for a luxury villa in Emirates Hills.

It follows the suit of a record breaker deal worth AED 3.8 million per year for Palm Jumeirah property in July this year. Hannah Pratap from Betterhomes, successfully sealed the deal.

In September 2021, she had brokered another impressive rental deal in Emirates Hills for AED1.85 million (around $500,000). However, for the privacy, confidentiality reasons, details of the tenant and property were not disclosed.

Emirates Hills is the most sought-after residential communities across Dubai famous for its luxurious stay and privacy. A mansion filled enclave having custom-built villas, spacious plots, rolling greens of golf course makes it the most sought out place in Dubai.

Statement from Hannah Pratap

Hannah Pratap commented out regarding record deal that, “From my experience in these 2 massive deals I was involved in, I can say that tenants looking to rent luxury properties know precisely what they are looking for in their ideal homes. Since the rental amount is not an issue for them, they aim to get as many boxes of their requirements (if not all!) checked. Deals such as these require a certain level of ‘thinking outside the box’ in order to satisfy these bespoke requirements.”

Pratap was prompt to add that, “Dubai’s luxury properties are not only aesthetically pleasing but also provide clients with value for money, safety and privacy, tax-free living and a wonderful, sunny climate all year round!”

Pratap further added that, “These foreign tenants are currently flooding Dubai’s high-end property market, and the trend is showing no indication of slowing down. In fact, in my opinion, demand is going to increase in the coming months due to the new laws pertaining to UAE citizenship and golden visas.”

As according to Pratap’s vision, it added out that, “The Dubai real estate market has seen a dramatic rise in demand for uber-luxury properties this past year, with a majority of the clients being HNIs migrating to the UAE. Most of them are looking to make the change for a plethora of reasons such as their desire for privacy, the post-COVID resilience of Dubai’s economy, and most importantly, the UAE’s response to the pandemic.”

According to Betterhome’s sources, the primer Sales, leasing of larger properties in market picked up during 2020’s lockdown, and demand had strived since, specifically in prime villa communities in Dubai, as tenants looked for more space for day-to-day activities.

New tenants in the market usually look at well-established apartment communities such as Downtown, Jumeirah Beach Residence, or the Marina. However, with an growing number of high-net-worth individuals (HNIs) relocating to Dubai, the trend has lifted towards larger properties with a 63% upsurge in the number of rentals for villas with over five bedrooms in Q3 alone.

Dubai is also experiencing a new wave of migration, mostly comprised of senior professionals, investors, and entrepreneurs, which is affecting the residential leasing market. Lifestyle, favorable business environment, tax system and nation’s post-COVID resilience are the primary pull factors.

Press Release received on mail from Betterhomes



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