Rental rates in Dubai have soared to new heights, driven by a surge in demand for ultra-luxury properties. In the initial five months of 2024, there were 270 rental agreements signed for properties with annual rents exceeding Dh1 million. This indicates that the UAE continues to draw in high net-worth individuals from around the world, who are choosing Dubai as their residence. A study by Betterhomes, a property brokerage, identified Palm Jumeirah, Mohammad bin Rashid City, and Dubai Hills Estate as the leading areas in the high-end market, known for their premium amenities and prime real estate. Of these luxury rentals, 61% were villas and townhouses, indicating a preference for large and private living spaces in the luxury sector of the emirate. The remaining 39% were apartments, favored for their prime locations and panoramic views. Luxury apartments averaged around 4,000 sqft, while villas and townhouses averaged approximately 6,300 sqft. Earlier reports by Khaleej Times noted that the UAE will welcome over 6,700 additional millionaires this year, as per The Henley Private Wealth Migration Report 2024. The UAE currently hosts 116,500 millionaires with liquid investable wealth of over $1 million, 308 centi-millionaires with assets over $100 million, and 20 billionaires. These affluent individuals are attracted to Dubai for its safety, high-quality lifestyle, and global connectivity. Knight Frank's Destination Dubai report revealed that Dubai ranked first in 2023 with 67% of global HNWI choosing it for real estate investments, a figure that rose to 73% in 2024. Betterhomes also highlighted that leasing luxury properties in Dubai is more affordable than in London, New York, Hong Kong, and Singapore, with larger average unit sizes. 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.