A luxurious penthouse at The Royal Atlantis Resort and Residences on Palm Jumeirah has been leased for Dh4.4 million, marking one of the largest single-unit rental agreements in Dubai. This transaction is believed to be the most costly apartment lease in the city's history, according to a real estate agency. The 10,000sqft, four-bedroom penthouse boasts a living and dining area, a library, and an exercise room, all fully furnished. It also features a 2,700sqft terrace and a transparent infinity pool offering panoramic views of the city and the Burj Al Arab.
The tenant is a high-net-worth European family returning to Dubai after living abroad, as disclosed by real estate agency Metropolitan Premium Properties, which facilitated the deal. They chose the penthouse for its premium amenities, the hotel concierge service, and its turnkey condition, ready for immediate occupancy. Residents of The Royal Atlantis Resort and Residences enjoy access to a private beach, 17 celebrity-led restaurants, a 295ft sky-high infinity pool, and a state-of-the-art fitness center, among other facilities.
“The client considered other units on the Palm but found none to their liking, so they opted to raise their initial budget and settle on the penthouse, which offers the hotel amenities they sought and is brand new,” said Vladimir Minaev, luxury property specialist at Metropolitan Premium Properties.
“This penthouse is undoubtedly the most distinctive in Dubai, with no comparable properties. I believed in the project from its inception and advised my clients, including the penthouse owner, to invest early. He now owns multiple units in the development and has seen his investments substantially appreciate in value.” In March this year, Minaev facilitated the sale of a four-bedroom apartment for Dh61 million, one of the highest resale transactions at The Royal Atlantis Resort and Residences. This sale resulted in a three-fold profit for the owner who acquired the unit during the pandemic.
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