Jumeira Bay has since 2021 been setting new highs on plot and property prices. Now, it's going for a record on a townhouse rental. Image Credit: Supplied

Dubai: A home in Jumeira Bay has just been rented out for Dh3.7 million - and laid claim to being the highest such for a townhouse in Dubai. The lease deal also makes it one of the 'most valuable' rental deals in Dubai to date.

The 5,192 square feet 5-bedroom Villa Amalfi home was offered fully furnished, including Christofle cutlery, Hermès furnishings and a selection of contemporary art. There is the obligatory private gym, a sauna, and rooftop terrace with skyline and sea views.

The deal was overseen by Dalila Laaribi and Inga Brykulska at Driven Properties.

Since 2021, which was when Dubai moved quickly to open up its economy after peak Covid, the top end of the residential market has been seeing a number of big-ticket rentals. Initially, there was the steady stream of Dh1 million and over rentals on the Palm Jumeirah that caught everyone's attention. Soon, other locations too cashed in on demand from the many new and wealthy residents who were calling Dubai their home.

Jumeira Island homes too soon swung into the price action, whether it was sold or rented properties. Plots too at the self-contained island destination have been setting a few records of their own.

"We've definitely noticed a significant uptick in rentals exceeding Dh1 million (so far) this year, especially within gated villa communities and penthouses," said Abdullah Alajaji, CEO of Driven Properties.

"Based on our experience, high-end properties in prestigious areas such as Jumeirah Bay Island are in exceptionally high demand. These residences frequently command rentals of Dh1 million or more."