Brand new villa in Dubai fetches a 'record' Dh1.4 million rent

Dubai: Villas on the Palm are breaking into record territory on their rents. Just weeks after one went for Dh900,000 a year, another villa - a brand new one with six bedrooms located on the frond - has secured a Dh1.4 million lease.

The lease was taken out by a French citizen and UAE resident, according to a statement issued by PH Real Estate. It was signed off even before the property was fully complete. The lease has been fixed for a three-year period.

“This property has outstanding views – being situated at the end of a 'frond' on the Palm – and includes its own beach, splash pool and a host of other features you'd expect from one of the world's most expensive rentals," said Nick Grassick, PH Real Estate' Managing Director. "The discerning tenant had some very clear desires – not least of which was the appeal of living on this globally-renowned man-made island – [and] which is conveniently close to the client's place of work.

“Although this year, the rental trend is downwards, certain areas of Dubai – the most prestigious locations – are now seeing rent and sale prices stabilise, and this record deal underlines that the shoots of recovery are not only there, but blossoming,”