Palm Jumeirah Villa became the most expensive residence in Dubai

             Palm Jumeirah Villa became the most                  expensive residence in Dubai

 

Palm Jumeirah Villa became the most expensive residence in Dubai, where the property was rented out for 4 million dirhams for a period of 6 months. Rents for luxury properties in Dubai are on the rise, The National News reported, with a villa on Palm Jumeirah being rented out for Dh4 million on a six-month basis, breaking the record for a year-long tenancy. Wale would be worth Dh8 million, surpassing the previous record of Dh7.5 million set by a villa in Emirates Hills last year.

Liam Ure, a senior private client advisor at LuxuryProperty.com, said: "The homes currently coming on the market are far beyond the standard we see in Dubai, with materials sourced from all over the world, from well-known brands. Looking at custom built homes with provided design elements and completely unique features, you can't really price this type of property at standard market value, they sit on their own separate price lines. are

Rents across Dubai are said to be on the rise this year as the wider economy makes a strong recovery from the pandemic, with average villa rents up 22 per cent year-on-year in the third quarter, according to property consultancy Asteco. While average apartment rents saw a 15 per cent increase over the 12-month period, villa rents on Palm Jumeirah recorded a 32 per cent year-on-year increase, with an increase of 3.1 per cent month-on-month. Rents stood at AED 954,384, with rents also rising dramatically in the most posh residential areas including The Palm, Emirates Hills and Jumeirah Bay.

Knight Frank said rents in these areas had risen 89 per cent in the past 12 months, driven by an influx of ultra-high-net-worth individuals and a lack of prime supply, with the Dubai Land Department last month selling 600 million dirhams of land. A property deal has been recorded for the purchase, which comes just weeks after Dubai's most expensive property record was set when a villa on Palm Jumeirah sold for Dh302 million.

It is known that as the demand for properties on Palm Jumeirah increases, property owners here are rethinking their offers as owners are really understanding the fact that tenants want more than just a place to live and they are happy to do so. Will pay a premium for a home that stands out from similar properties, thus a lot of time and effort has gone into upgrading the villas, in some cases even extending the existing plot and adding home cinema, home gym. And features like game rooms are becoming more common.