Rent prices for Palm Jumeirah have continued to be strong as we move into 2023, evidenced by a recent penthouse transaction in Omniyat Properties’ One at Palm skyscraper for Dh1.7 million. This is one of the highest single-unit rentals in Dubai this year and is a testament to the high demand for luxury units that boast impressive views of the skyline and the Arabian Gulf. Sales Manager Aleksandr Mylnikov of MPP, who represented both the tenant and the landlord, noted the quick transaction was due to the penthouse being the only unit available in the building. The tenant, a CIS national who had been living in Dubai for a few months, was the first to occupy the rental market.
The two penthouses at One at Palm have attracted great attention for their high-end rentals, and now developer Omniyat is looking to create a new standard with the launches of the AVA and Orla projects. Founder Mahdi Amjad has stated that he will be seeking record prices for the units within.
Recent data from the property consultancy CBRE shows that rental rates for apartments and villas in Palm Jumeirah have seen increases of over 20% in the year leading up to the end of January. The average price for flats on the island is Dh258,529 for a one-year lease, and the price for villas is Dh1.03 million. This is a significant increase compared to the rental prices of Dh180,000 that were typically seen on the Palm before. Furthermore, there have been numerous new contracts signed in recent days, including ones for Dh330,000 and Dh230,000.The Dubai real estate market has seen a great deal of activity in the first two months of the year, with sales agreements such as a Dh400 million-plus penthouse on Jumeira Bay island and a Dh650 million one for many levels at the Aria Dubai project on Shaikh Zayed Road. Both of these properties are still under construction.
