As Palm Jumeirah rents continue their strong trend into 2023, a penthouse at Omniyat Properties’ One at Palm skyscraper has been rented for Dh1.7 million. The deal represents one of this year’s “biggest single-unit rentals” in Dubai.
“Despite the high rental fee, the 4-bedroom, 4,790 square feet penthouse was in demand because it was the only one available in the building,” said Aleksandr Mylnikov, Sales Manager at MPP. “The transaction went quite quickly as I represented both the landlord and the tenant. We are seeing increasingly more and more inquiries for similar high-end units that overlook the Dubai skyline and the Arabian Gulf.”
A CIS national who had been living in Dubai for “a few months” rented the penthouse. The apartment had just entered the rental market.
Since they were two of the most expensive deals at that time, the two penthouses on One at Palm Jumeirah have been the center of attention for years. The developer, Omniyat, is now looking for more of the same with back-t0-back launches at the Palm, of the AVA and Orla projects. (Omniyat’s founder Mahdi Amjad stated at the time of the Orla launch that he would be seeking new records for the most expensive units within.)
Palm rentals
According to the DXBInteract.com portal, rents on the Palm have typically cost roughly Dh180,000 outside of this significant transaction. Numerous new contracts, including ones for Dh330,000 and Dh230,000 each, have been signed in recent days.
Properties in Palm Jumeirah received rental increases of well over 20% in 2022.
It is no surprise, then, that the property consultancy CBRE reports in its most recent update that the Palm achieved the highest rental rates for apartments and villas in the year leading up to the end of January. According to its data, the average price for flats on the island is Dh258,529 for a one-year lease, and the price for villas is Dh1.03 million.
For the Dubai real estate market, both in terms of sales and rentals, the first two months have been especially fruitful. Recent sales agreements include a Dh400 million-plus penthouse on Jumeira Bay island and a Dh650 million one for many levels at the Aria Dubai project on Shaikh Zayed Road, both of which are still under construction.