Dubai has witnessed record-high rents driven by an exceptional demand for ultra-luxury properties, with 270 rental agreements signed in the initial five months of 2024, each with an annual rent of at least Dh1 million. This trend indicates the UAE's ongoing appeal to high net-worth individuals worldwide, who are increasingly choosing the emirate as their residence. A study by Betterhomes, a property brokerage, highlighted that prime areas such as Palm Jumeirah, Mohammad bin Rashid City, and Dubai Hills Estate are leading in the high-end market, known for their premium amenities and top-tier real estate. In this luxury segment, 61% of rentals were villas and townhouses, reflecting a preference for expansive and private living spaces, while 39% were apartments, favored for their prime locations and panoramic views. The average size of luxury apartments was approximately 4,000 sqft, with villas and townhouses averaging around 6,300 sqft. As previously reported by Khaleej Times, the UAE is expected to welcome over 6,700 additional millionaires this year, marking the third consecutive year of the highest influx, according to The Henley Private Wealth Migration Report 2024 by Henley and Partners. Currently, the UAE hosts 116,500 millionaires with liquid investable wealth exceeding $1 million, 308 centi-millionaires with assets over $100 million, and 20 billionaires. These affluent individuals are drawn to Dubai for its safety, high-quality lifestyle, and global connectivity, often seeking to either purchase or rent properties. The Destination Dubai report by Knight Frank revealed that Dubai ranked first in 2023 with 67% among the UAE emirates preferred by global HNWI for real estate investments, a figure that rose to 73% in 2024, underscoring its increasing attractiveness. Betterhomes data indicates that leasing luxury properties in Dubai is significantly more affordable than in cities like London, New York, Hong Kong, and Singapore, yet offers substantially larger living spaces. For example, the minimum annual rent for luxury properties in Dubai is around Dh500,000, compared to nearly Dh700,000 in London and New York, Dh1.17 million in Hong Kong, and Dh955,000 in Singapore.