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A villa in the Emirates Hills area has been leased for Dhs17 million ($4.6 million) per year, becoming the most expensive residential rental deal ever concluded in the emirate, according to Khaleej Times.
The 7 bedroom villa, known as “The Palace”, is located on Billionaire Row within Emirates Hills, setting the highest rental value for a residential property in the history of Dubai.
Leanne King, a specialist in luxury real estate development and construction who oversaw the vision, renovation, and management of the project, said this achievement was the result of years of meticulous planning and execution.
King added: This was not just a real estate brokerage deal, but a project which took years, and the goal was not only to achieve the highest rental value. We rejected several offers, including an offer of Dhs15 million for a multi-year lease, in order to select the most suitable tenant. Money was not the only criterion, the most important thing was finding a tenant who appreciates the craftsmanship, classic design, unique artifacts, and the story this home embodies.
This deal allegedly surpassed the previous record set earlier this year, when a duplex penthouse in Burj Khalifa was leased for Dhs12 million per year.
King affirmed that this deal reflects the approach she follows in the Dubai luxury real estate market, saying: “We do not just buy properties, we acquire, build, renovate, and develop them into architectural masterpieces which redefine the concept of luxury and achieve record numbers. Dubai continues to consolidate its position as one of the world’s leading destinations for ultra-luxury real estate, with continued strong demand for exceptional homes.”
She described the deal as one of the most prominent milestones in her professional career.
