A glimpse of properties on Jumeirah Bay Island. Photo for illustrative purposes only.
Dubai's ultra-luxury real estate market has reached a new pinnacle with the completion of the largest leasing transaction in the city's history. The property, situated on the prestigious Jumeirah Bay Island, was leased for a remarkable Dh15.5 million annually. The deal was facilitated by Toni Abou Jaoude, the sales and leasing manager of Betterhomes' local division. The leased property is a private mansion located on the waterfront of Jumeirah Bay, offering breathtaking views of the ocean and the Bvlgari Resort & Residences. This landmark deal highlights the increasing demand for ultra-luxurious living spaces in Dubai, especially as affluent individuals and global investors continue to be drawn to the city. Recent data from Prime by Betterhomes indicates that transactions exceeding Dh15 million increased by 65% in Q3, reinforcing Dubai's status as a premier destination for luxury residences.
Toni Abou Jaoude, sales and leasing manager of Betterhomes' local division, commented, "The real estate market today is as robust as I've always envisioned it to be. While this deal sets a new record, it is not unexpected for such premium products. I anticipate this will establish a new benchmark for luxury rental prices, mirroring the escalating demand for high-end living in Dubai." Exclusive neighborhoods like Jumeirah Bay are leading this trend, providing residents with privacy, security, and an opulent lifestyle. As prime properties continue to break records, Dubai remains a magnet for the wealthy seeking the pinnacle of luxury living.
Somshankar Bandyopadhyay, a News Editor with nearly three decades of experience, currently oversees the business section, ensuring that the day's top economic and business news reaches readers.
