Dubai’s Super-Luxury Island Hits New Heights in Rentals and Sales
Jumeira Bay, Dubai’s premier luxury island destination, has set remarkable records in the real estate market. Recently, a ready home on the island was rented for an astonishing Dh15.5 million annually, marking the highest rental deal to date, according to Betterhomes, the leasing agency.
This year, Dubai has seen only four residential properties achieve annual rentals of Dh10 million or more. The new record on Jumeira Bay stands out as a benchmark for luxury rental prices.
“This will undoubtedly set a new standard for high-end rental pricing,” said Toni Abou Jaoude, Sales and Leasing Manager of Betterhomes’ Local Division.
Betterhomes’ CEO, Richard Waind, added, “The Dh10 million ($2.7 million) and above rental deals this year highlight Dubai’s position as a top destination for the world’s ultra-wealthy.”
Breaking Records In Sales Too:
In addition to the rental milestone, Jumeira Bay has achieved a record-breaking sale price. A Bulgari-branded apartment was sold for nearly Dh17,000 per square foot. The fully upgraded unit fetched Dh76 million, making it the highest price per square foot ever recorded for a ready apartment in Dubai. The deal was managed by Driven Properties.
“This unit is part of the Bulgari Resort and Residences, where the average price per square foot ranges from Dh9,000 to Dh11,000,” said Abdullah Alajaji, CEO of Driven Properties.
Shift From Off-Plan To Ready Homes:
What makes these records noteworthy is that they involve ready units, a contrast to Jumeira Bay’s previous records, which were mainly for off-plan properties and premium plot sales. There have been other notable transactions in Jumeira Bay at Dh10,000 per square foot and above, but this new sale significantly raises the bar.
The luxury property market in Dubai has been dominated by off-plan projects, reflecting trends in the broader residential market. However, there’s been growing concern about the limited availability of super-luxury-ready villas. Experts predict it will take two to three years for currently developing villas to be completed.
The recent records on Jumeira Bay provide a glimpse of the immense demand from high-net-worth individuals for ready luxury homes. These transactions highlight Dubai’s increasing appeal as a global hotspot for premium real estate.
