According to new Arabian Business research, the cost of renting an apartment in Dubai’s Palm Jumeirah can range up to $800,000 per year.
The cheapest rental is now $17,000 per year for a 548-square-foot studio flat – $31 per square foot. The most expensive rental on the Palm is $817k per year for a four-bedroom penthouse in the Andaz Hotel.
However, because the penthouse is only 3,133 square feet, the price per square foot is $260.
Another penthouse in the FIVE Hotel is priced for the year at $477k, but at only 780 square feet, it comes to a staggering $611 per square foot.
According to new data from property consultancy CBRE, Dubai property sale prices increased in August.
According to the report, average apartment prices were 7.7 percent higher in August, while villa prices rose 15.8 percent year on year.
Monthly, apartment prices increased by 0.5 percent over July, while villa prices increased by 0.3 percent.
Record Palm Jumeirah sale
One Palm Jumeirah mansion was sold earlier this week for AED302.5 million, making it the most expensive home ever sold in Dubai.
Casa Del Sole, which is still in the works, will be finished in early 2023 and will have eight bedrooms and 18 bathrooms. The mansion will also have a gym, cinema, bowling alley, jacuzzi, and basement parking for 15 cars.
Many people worldwide are interested in luxury properties in Dubai because of the emirate’s liberal visa policies, particularly the golden visa scheme, its pandemic resilience, and ease of doing business.
These economic reforms have reaped benefits primarily in the real estate market. “We developed six villas and have nearly sold all of them,” Murat Ayyildiz, founder and chairman at Alpago Group told Bloomberg.
Source: Arabian Business