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Read more to find out how private residences compete with the best hotels in Dubai, and where you can rent the most expensive housing for a long term.
Residential rents are going down in Dubai … but not all over the real estate market. Ultra-premium rental segment still holds its position (and rentals) high and firm. Now you can rent a gorgeous Downtown apartment for as much as USD60,000 (AED220,350) per month, and it’s, probably, a record in the local short-term rental field. The cost of this apartment at a sales market is estimated at about AED10 mln.
The apartment mentioned above occupies an entire floor of the 118 storeys of a super-premium residential Signature tower built by Lal’s Group and Regal. A holiday homes operator has rented this apartment out for a long term, and then just placed it on the market for a short-term stay. For now, the apartment has been subleased twice already, and the operator expects to sublease two more premium units — each occupying an entire floor — in the nearest future.
So, who are these tenants preferring a home stay, even in an ultra-premium apartment, to thousands of hospitality units Dubai has to offer, including the world’s only 7-star Burj Al Arab Hotel? The thing is that some visitors to Dubai want the same level of services as at Presidential Suite, but with a real home touch and anonymity a hotel can never provide.
Short-term rentals in the luxury residences is the only Dubai’s market category that has been relatively stable in the last 12 months, experts claim. And even taking into consideration a huge number of new serviced residences prepared to be delivered in the next two years, this category is still not feeling any pressure from oversupply.
But what about the broader premium residential leasing market in Dubai? Experts say, premium locations now could come under further strain as new homes get handed over at Mohammad Bin Rashid Al Maktoum City. Plus, new towers being constructed at Dubai Creek Harbour would also influence dynamics in the top-end of the rental market.
In such conditions, owners are using more creative strategies to maintain their rental returns and lure tenants in. This implies offering 13-month tenancy contracts, renovating and upgrading older properties, as well as furnishing and renting these properties on a short-term basis.
But, on the other hand, demand for luxury properties — being offered for a long-term lease at a AED400,000 price tag pa — has been maintained, and is expected to continue throughout Q4 of 2018.
So here is the Top Priciest Long-term Rental Properties in Dubai as of now for you to choose from:
- A 7-bedroom villa in P Sector, Emirates Hills — leasing for AED2.5 million a year;
- A 5-bed penthouse at the Volante, Business Bay — leasing for AED1.6 million a year;
- A 5-bedroom villa at E Sector, Emirates Hills — leasing at AED1.4 million a year;
- A 6-bedroom villa at HT Sector, Emirates Hills — leasing for AED1.3 million a year;
- A 4-bedroom penthouse at the Five Palm on Palm Jumeirah — leasing at AED1.3 million a year.
If you want to rent a luxury or affordable housing in Dubai for a long or a short term, contact the IMEX Real Estate agency specialists. We have been operating at the Dubai property market for more than 10 years and can provide you with the widest range of real estate offers in various categories and districts. Please, don’t hesitate to contact us at:
Tel.:+971(50)2528188 (Whatsapp, Viber, Telegram)
Toll Free: 800-IMEX (800-4639)
IMEX REAL ESTATE BROKER LLC, UAE
Office 2502, Marina Plaza, Dubai Marina, Dubai, UAE
Email: pm@IMEXre.com
Skype: resident69
