Record lease highlights strong demand for ultra-luxury homes in Dubai.
Dubai: Dubai’s ultra-luxury property market has reached a new milestone, with a Burj Khalifa penthouse leased for Dh12 million per year—the highest annual apartment rent ever recorded in the UAE.
The duplex spans the 87th and 88th floors of the tower, representing a rare transaction at the very top of Dubai’s rental market, where long-term confidence remains strong despite broader regional uncertainties.
The deal underscores that demand for trophy assets is holding firm, with high-net-worth tenants willing to pay premium rents for space, privacy, and a prime location.
“In times of volatility, capital doesn’t retreat; it becomes more selective. It looks for environments defined by stability, security, and long-term vision. Dubai continues to earn that trust,” said Karl Haddad, the property’s owner.
This positioning has helped sustain activity in Dubai’s prime property segment, even as other markets experience slower deal flow.
A one-of-a-kind residence
The property is unique within the Burj Khalifa, resulting from a multi-year structural transformation that merged several units into a single vertical residence.
The transformation took over six years, including more than three years of approvals, with concrete slabs altered to create a private internal staircase. The result is the only duplex of its kind in the Burj Khalifa.
Spanning more than 10,000 square feet, with plans for further expansion, the residence features a large terrace, private pool, cinema, spa, and gym, alongside high-end finishes and bespoke interiors designed for long-term living.
“This property is unlike any other in the tower,” Haddad said. “On a personal level, it reinforces why I continue to invest and operate here. Dubai has built an ecosystem where ambition is protected, capital is respected, and confidence is sustained, even in the most challenging times.”
Shift in ultra-prime rental demand
The transaction, facilitated by Keyper, reflects a shift in how ultra-wealthy residents approach property in Dubai.
“Ultra-high-net-worth individuals are prioritizing flexibility without sacrificing scale, privacy, or prestige,” said Omar Abu Innab, Co-Founder and CEO of Keyper. “A Dh12 million annual lease would have been unthinkable just a few years ago. Today, it reflects the growing sophistication of Dubai’s ultra-prime rental market.”
While large-ticket property purchases remain common, high-value leases at this level are still rare, placing this deal among a select group of comparable global transactions.
