The most expensive villa was rented in Palm Jumeirah

A villa on the popular Palm Jumeirah Island in Dubai has been rented for six months for 4 million dirhams ($1.09 million) as rents for luxury properties across the city are skyrocketing.

With a one-year lease, this will equal a record 8 million dirhams, surpassing the previous record of 7.5 million dirhams set by a villa in Emirates Hills in 2021.

The villas that are currently being put on the market have a standard much higher than what everyone is used to in Dubai.

«We are considering mansions built to order, made of materials supplied from all over the world, with design elements provided by well-known brands, and with completely unique functions. It is difficult to evaluate such real estate at a standard market value — they are in their own separate price category», the real estate agent added.

Details of the villa, such as size, exact location and tenant, were confidential.