The cost of renting real estate on the Palm Islands has broken another record. As you can see, in recent months, the real estate market in Dubai has declined slightly, prices have fallen. But this has not affected the rental rate of luxury villas on the islands, they attract even more attention. The property was rented for 1.65 million dirhams, which is a record amount at the moment.
This special Signature Villa is Fronde N (Palm Jumeirah). Palm Jumeirah is an artificial archipelago in Dubai (UAE), which was created by the Nakhil land reclamation process. The construction was carried out as a joint venture of two specialized companies – Van Oord and Boskalis. The construction of the island was carried out during 2001-2006. Recently opened, The Pointe, Club Vista Mare and Nakheel Mall are the latest additions to Palm Jumeirah.
The tenant is a US citizen. According to the source, the tour was quite short, the client quickly decided to rent this particular villa. The decisive factor was the proximity of the villa to the beach. An interesting fact is that the transaction was carried out immediately, the customer paid for everything in one go. It is reported that the tenant is dealing in Dubai for the first time. The customer conducts their business in the field of fitness.
Villa rental includes many additional services for a comfortable stay. For example, a butler will work on the territory during the entire rental period. The chef will also offer his services, his specialty is Japanese cuisine. A janitor and a gardener are hired for the entire term of the lease, she works full-time. Riyaz Merchant was engaged in the legal registration of the transaction. He said that the abundance of such a number of additional services is due to the fact that the tenant needs to do their own business, and the care of such a house is a lot of work that takes a lot of time.
This year, other deals were concluded on the Palm Islands, the amount of which exceeded one million. And the distinguishing feature of the tenants this year is that many of them were new to Dubai.
In fact, no matter how rich the villas on the islands look, there is a real shortage of ready-made super-premium properties, especially in the villa category. Most of these new facilities are still about 6-12 months away from completion. This explains why the cost and rent of existing homes is so high.
Palm trees and Emirates Hills have long been in great demand among the wealthy. Now brand new mansions are being built in several new locations, so more competition and lower house prices are expected.
Palm also sells one of the largest homes under the Palm ONE100 brand, which can be seen everywhere with the Dh120 million tag. It is a 14,000 square foot built-up area that is located on top of Frond N Palm Jumeirah. The house is one large VIP suite with an area of 1,300 square feet. Eight bathrooms, three kitchens, three bars, a SPA and fitness center, and more.
Thus, it can be noted that the luxury housing market has not suffered as a result of the pandemic. The number of million transactions indicates that this market segment is growing.