The ultra-luxury real estate market recently reached a new milestone with the closing of the largest leasing deal in Dubai’s history.
The property, which was leased for an astounding Dh15.5 million a year, was located on the posh Jumeirah Bay Island.
The deal was mediated by Toni Abou Jaoude, the sales and leasing manager for Prime by Betterhomes’ local division.
The leased property is a private mansion with views of the ocean and the Bvlgari Resort & Residences, situated on the waterfront of Jumeirah Bay.
This historic deal demonstrates the growing demand for ultra-luxurious living spaces in Dubai, particularly as the city continues to draw wealthy people and international investors. According to recent data from Prime by Betterhomes, transactions over Dh15 million rose by 65% in Q3, further solidifying Dubai’s standing as a top destination for luxury homes.
“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.
Upscale neighborhoods like Jumeirah Bay, which offer residents privacy, security, and a luxurious lifestyle, are at the forefront of this trend. As prime real estate continues to set new records, the city continues to attract affluent individuals and families seeking the pinnacle of luxury living.
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