Dubai penthouse rents for Dh12 million in record Burj Khalifa deal
Record lease signals strong demand for ultra luxury homes in Dubai
Dubai: Dubai’s ultra luxury property market has set a new benchmark, with a Burj Khalifa penthouse leased for Dh12 million per year, the highest annual apartment rent recorded in the UAE.
The duplex residence spans the 87th and 88th floors of the tower and marks a rare transaction at the very top of the rental market, where long-term confidence continues to hold despite broader regional uncertainty.
The deal highlights how demand for trophy assets remains intact, with high-net-worth tenants willing to commit to premium rents for scale, privacy and location.
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“In times of volatility, capital does not retreat, it becomes more selective. It seeks environments defined by stability, security, and long-term vision. Dubai continues to command that trust,” said Karl Haddad, owner of the property.
That positioning has helped sustain activity in Dubai’s prime segment, even as other markets face slower deal flow.
A one-of-a-kind residence
The property stands apart within the Burj Khalifa itself, following a multi-year structural transformation that combined multiple units into a single vertical residence.
The process took more than six years, including over three years of approvals, with concrete slabs modified to create a private internal staircase. The result is the only duplex of its kind in the tower.
Spanning more than 10,000 square feet with plans to expand further, the residence includes a large terrace, private pool, cinema, spa and gym, alongside high-end finishes and custom interiors designed for long-term occupancy.
“This property is unlike any other in the tower,” Haddad said. “On a personal level, this reinforces why I continue to invest and operate here. Dubai has built an ecosystem where ambition is protected, capital is respected, and confidence is sustained, even in the most testing moments.”
Shift in ultra prime rental demand
The transaction was facilitated by Keyper and points to a shift in how ultra-wealthy residents approach property in Dubai.
“Ultra-high net worth individuals are prioritising flexibility without compromising scale, privacy, or prestige,” said Omar Abu Innab, Co-Founder and CEO of Keyper. “A Dh12 million annual lease would have been unthinkable just a few years ago. Today, it reflects the growing sophistication of Dubai’s ultra prime rental market.”
Large ticket property purchases remain common, though high-value leases at this level are still rare, placing the deal among a limited set of global transactions.
