Stock - One at Palm Jumeirah
Omniyat Properties 'One at Palm' project has set quite a few records, among them the costliest penthouse sales in Dubai. Now, it secures a new one on the rental front. Image Credit: Supplied

Dubai: A penthouse at Omniyat Properties' One at Palm tower has been rented out for Dh1.7 million, as Palm Jumeirah rentals maintain their strong momentum into 2023. The deal represents one of the 'biggest single-unit rentals' in Dubai this year.

“Despite the high rental fee, the 4-bedroom, 4,790 square feet penthouse was in demand because it was the only one available in the building," said Aleksandr Mylnikov, Sales Manager at MPP. "The transaction went quite quickly as I represented both the landlord and the tenant. We are seeing increasingly more and more inquiries for similar high-end units that overlook the Dubai skyline and the Arabian Gulf.”

The penthouse was rented out to a CIS national who had been in Dubai for a 'few months'. The unit was newly placed into the rental market.

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The two penthouses on One at Palm Jumeirah have been in the limelight for years, recording two of the priciest deals during the period. The developer, Omniyat, is now aiming for more of the same with back-to-back launches at the Palm, of the AVA and Orla projects. (At the time of the Orla launch, Omniyat's founder Mahdi Amjad said he would be chasing new records for the priciest units within.)

Palm rentals

Outside of this blockbuster deal, rentals on the Palm have been averaging around Dh180,000, according to the portal. In recent days, there have been a slew of new contracts, including ones for Dh330,000 and Dh230,000 apiece.

Palm Jumeirah properties had recorded rental increases well over 20 per cent in 2022.

No surprises then that in its latest update, the property consultancy CBRE states that the Palm recorded the highest rental rates for apartments and villas in the 12 months to end January. In its data readings, the average for apartments on the island is Dh258,529 for a one-year contract and or villas it would be Dh1.03 million.

The first two months have been particularly fruitful for the Dubai property market, on sales and rentals. New sales deals in recent days include a Dh400 million plus penthouse on Jumeira Bay island, and a Dh650 million one for multiple storeys at the under development Aria Dubai project on Shaikh Zayed Road.