Palm Jumeirah's one of most expensive lease deal ever

A four-bedroom penthouse at the iconic man-made island secured a whopping Dh1.7 million rental deal for a year, as the tenant does not want to miss out on the Omniyat One on Palm Jumeirah, one of the most exclusive residential projects in Dubai.

Metropolitan Premium Properties (MPP), a full-service real estate agency and the Metropolitan Group’s flagship property company, closed this one of the biggest single-unit rental deals in Dubai this year.

Palm Jumeirah is the most sought-after address for ultra-high net worth individuals (UHNWIs) who are investing in Dubai’s uber-luxury property market, according to a study released by a luxury property consultancy penthouse.ae.

"The most sought-after island accounted for 30 per cent of Dubai’s real estate deals in the Dh20-million plus luxury property market segment in 2022," according to the real estate consultancy CBRE.

In November, a villa on Palm Jumeirah was rented on a six-month basis for Dh4 million. On a year-long tenancy this would equate to a record-breaking Dh8 million, surpassing the previous record of Dh7.5 million set by a villa in Emirates Hills in 2021.

One at Palm Jumeirah is located at the track of Palm Jumeirah. It is a new exclusive premium residential complex by Omniyat with a limited series of 94 exceptional residences managed by Dorchester Collection.

The ultra-luxury development was built, designed, and crafted by award-winning firm Soma Architects. It offers three and four-bedroom apartments with modern amenities and incredible views of the Arabian Gulf.

Aleksandr Mylnikov, sales manager at Metropolitan Premium Properties, said, "We are seeing increasingly more and more inquiries for similar high-end units that overlook the Dubai skyline and the Arabian Gulf.”