Luxury rentals in International City soar with one 10,000 square feet, 12-bedroom villa in Jumeirah for $56,724 a month. For the price, renters gain access to a garden, five service rooms for drivers and maids, four living rooms, two kitchens, a child’s play area and a ten car parking slab.
High priced rentals for the affluent are a constant in Dubai, despite the cities two-year rental sector struggles. Priyesh Patel from Aston Pearl Real Estate said the sector is only for the select few and represents an exclusive market.
“I don’t actually see a demand for such expensive properties, it’s a very niche market, but there is always someone to rent these properties. Eventually it will get rented,” said Patel.
As a whole, Patel says Dubai’s rental sector is on the upswing, citing a recent decrease in price reductions and an increase in happy tenants:
“Its becoming easier to rent now. Landlords are prepared to take more advice from agents and are agreeing on the prices we advise them, this makes our job much easier with tenants as there is less negotiation.”
Source: Arabian Business