A rental deal worth Dh7.5 million in Emirates Hills has become the most expensive ever in Dubai, according to brokerage Betterhomes.
The leasing transaction was the second occasion this year that a record rental amount has been set.
The deal was concluded by Betterhomes' Hannah Pratap, who also brokered another deal in Emirates Hills worth Dh1.85m in September, the company said.
“From my experience in these 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.”
She also highlighted Dubai's safety, privacy, tax-free living and weather as attractions for wealthy clients seeking high-budget property.
Details of the record-breaking property were not disclosed.
Emirates Hills is a sought-after, luxury community with huge custom-built mansions, lush landscaping around 17 lakes and a peaceful environment despite being in a central location in the city. Villas are often priced for sale at more than Dh100m.
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Betterhomes said it had seen a 63 per cent increase in the number of rentals for villas with more than five bedrooms in the third quarter of 2021, as the property market recovers from the early effects of the coronavirus pandemic.
“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 high net worth individuals migrating to the UAE," said Pratap.
"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."
Rents have risen significantly in some but not all areas of Dubai in the past few months.
The average villa landlord asked for 14.1 per cent more in rent in Q3 2021 than they did in the same period in 2020, while the average apartment rent rose by only 2.6 per cent, according to ValuStrat.
The record set earlier this year was for a nine-bedroom Dh3.8m villa on Palm Jumeirah, which was sealed by LuxuryProperty.com's Riccardo Scala.
Dubai ranks fourth globally for spending the highest percentage of monthly expenditure on rent, according to data from cost-of-living database Numbeo.
People in the Emirates spend 39.85 per cent of their monthly outgoings on rent. A three-bedroom property in the UAE costs Dh7,054 on average to rent per month.
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