Dubai: Ready homes on Jumeira Bay island have set new records in recent days, including a rental that fetched Dh15.5 million for the landlord.
This year, only 4 residential properties in Dubai recorded annual rentals of Dh10 million, and the new one for Jumeira Bay is the ‘highest to date’, according to Betterhomes, the leasing agency.
“I believe this will set a new benchmark for luxury rental price,” said Toni Abou Jaoude, Sales and Leasing Manager of the Local Division at Betterhomes.
According to Richard Waind, Betterhomes' CEO, "The Dh10 million ($2.7 million) and over rental deals this year is a further indication of Dubai's status as a destination of choice for the world's ultra-wealthy."
Another record - for sale price
Meanwhile, in the selling space, a Jumeira Bay unit found a new buyer for a price ‘close to Dh17,000 per square foot’ for a Bulgari branded unit. The unit was fully ‘upgraded’ and the deal thus represents the highest ever achieved for a ready apartment in Dubai to date. The deal was overseen by Driven Properties.
That both units setting records are ready ones is interesting. Until now, a spate of records have been set by Jumeira Bay, in the main for offplan units and also for priciest plot sales. There had been a few deals valued at Dh10,000 psf plus for the location.
"The average price per square foot in Bulgari Resort and Residences (where the unit we sold is) ranges between Dh9,000 and Dh11,000," said Abdullah Alajaji, CEO of Driven Properties. "The total price of the unit that set the record psf was Dh76 million."
In the luxury property space, offplan has continued to dominate, which is what's happening in the wider Dubai residential market too. There had been talk about a lack of new super-premium ready villas available in the market, and that it will be a good two to three years before current ones in development get completed.
In that regard, the two new records for ready homes at Jumeira Bay offer a taster of what sort of demand could be out there from high networth clients.
