The Deal On A 4,790 Sq. Ft. Property Is One Of The Highest ‘Single-Unit Rents’ In Dubai So Far In ’23.

As Palm Jumeirah rentals continue their strong trend into 2023, a penthouse at Omniyat Properties‘ One at Palm skyscraper has been rented out for Dh1.7 million. One of this year’s “largest single-unit rentals” in Dubai is represented by the deal.

The 4-bedroom, 4,790-square-foot penthouse was in high demand despite its high rental price because it was the only one in the building, “Aleksandr Mylnikov, MPP’s sales manager, said, “Since I was the agent for both the landlord and the tenant, the transaction was completed fast. More and more queries are coming in for similar high-end apartments with views of Arabian Gulf and the Dubai cityscape. An individual from the CIS who had been in Dubai for “a few months” rented the apartment. The apartment had just been listed for rent.

Since marking two of the most expensive deals over the time period, the two penthouses on One at Palm Jumeirah were in the spotlight for years. With the simultaneous release of the AVA and Orla projects for the Palm, the developer Omniyat is now looking for more of the same. (At the time of the Orla launch, Mahdi Amjad, the founder of Omniyat, declared he would be seeking new records for the most expensive units there.)

Palm Rents

According to portal, rentals on the Palm have been running an average of about Dh180000 outside of this big transaction. There have been numerous new contracts signed recently, including ones for 330,000 and 230,000 dirhams each. Rental rises of much over 20% were seen for Palm Jumeirah residences in 2022.

It comes as no surprise as per the property consultancy CBRE reports in its most recent update. That Palm achieved the highest rental rates for apartments and villas in the year leading up to end of January. According to research, the average price for an apartment on the island for a year is Dh258529. While the price for a villa would be Dh1.03 million.

For Dubai real estate market, both in terms of sales and rentals, the first two months have been especially lucrative. Recent sales agreements include a Dh400 million+ penthouse on Jumeira Bay island. A Dh650 million+ deal for multiple storeys at the Aria Dubai project on Shaikh Zayed Road. Both of which are still under construction.