K Estates sets new rental record in Downtown Dubai with Dh2.5 million Il Primo lease

Dubai’s luxury rental market has reached a new milestone, with K Estates finalising a record-setting Dh2.5 million annual lease at the prestigious Il Primo Tower in Downtown Dubai. The landmark deal, brokered by luxury real estate advisor Amela Majdancic, surpasses the area’s previous high of Dh2.25 million, cementing the district’s status as one of the most sought-after luxury destinations in the region.

Located in the Opera District, the half-floor penthouse unit spans 5,200 sq. ft. with direct views of the Burj Khalifa and Dubai Fountain - showcasing rising demand for ultra-luxury homes with scale and standout views.

This marks another major success for K Estates, following a recent Dh3.68 million rental deal closed at Atlantis The Royal Residences on Palm Jumeirah, one of the most prestigious addresses in Dubai. Together, these transactions reflect the resilience and upward trajectory of Dubai’s high-end rental market.

“Securing a 10 per cent ROI on this landmark transaction underscores the strength and momentum of Dubai’s luxury real estate market,” said Khaled El Sherif, CEO of K Estates.

“It’s a testament to the enduring value of strategic investments in prime assets such as Il Primo.”

Amela Majdancic added, “While on the other side of this deal, clients gain more than just a prestigious address, they secure a lifestyle defined by luxury, comfort, and exclusivity.”

Recent data shows luxury rental prices in Downtown Dubai have increased over 20 per cent in the past 12 months, driven by limited supply, growing global interest, and Dubai’s reputation as a safe, tax-friendly, and profit-driven destination.

With a proven record in high-value transactions and personalised advisory, K Estates continues to lead Dubai’s premium real estate sector. Named Property Finder’s Rising Star of the Year 2024 and recognised as a Top 3 Sales Partner with Omniyat in 2024, the firm is committed to matching elite clients with properties that meet and exceed their expectations.

For more information, visit www.kestates.ae