Another Palm property lands another Dh1 million plus deal. The super-luxury home options on the island are getting a lot of attention, with some of these fetching record rental rates despite the decline in the broader Dubai property market.
Image Credit: Realty Force
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This particular Signature Villa - on Frond N - has just been rented for Dh1.65 million to a US citizen. She did have a quick tour of other possible options elsewhere in Dubai, but closeness to the beachfront was the clincher. And the deal was sealed as a single cheque payment.
Image Credit: Realty Force
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Clearly, space is not an issue when million dirham plus rental agreements are talked about. The tenant is a newcomer to Dubai and specializes in the field of fitness.
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The deal comes with a butler service for the full contractual term, along with in a live-in chef who specializes in Japanese food, a full-time cleaner and gardener. “This was part of the deal, so that the client can focus purely on enjoying their home and welcoming guests,” said Riyaz Merchant of Realty Force, who structured the transaction.
Image Credit: Realty Force
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There have been other million plus deals on the Palm this year, with many of the tenants being first timers to Dubai.
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There is a relative shortage of ready super-premium properties, especially in the villa category. New ones are still about six to 12 months from completion. This explains why values and rents on existing homes have held up relatively well.
Image Credit: Realty Force
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Of course, there is also the beach as an option for a quick dip...
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The Palm and Emirates Hills have reigned as the choice of the well-heeled. But brand new destinations and mansions are being built at a few emerging locations as well.
Image Credit: Realty Force
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Palm continues to see more residential options being built, both standalone and as part of towers.
Image Credit: Realty Force
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Palm is seeing listings on the sales side too, and this one - branded as Palm ONE100 - comes with a Dh120 million tag.
Image Credit: Luxhabitat
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The owner of Palm ONE100 is throwing in a few accessories along with that price tag, such as an outdoor cinema and an IMAX screen.
Image Credit: Luxhabitat
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These are some of the priciest property deals done in the year to date in Dubai. The luxury end of the market is clearly showing signs of health... and even the pandemic has not exactly slowed it down.
Image Credit: Luxhabitat
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