A view of the building whose penthouse won a huge rental deal.

Gulf Today, Staff Reporter

The One project from Omniyat in Palm Jumeirah again is the taking point in the UAE. The demand for luxury real estate is on the rise in Dubai, a fact demonstrated by the latest residential property lease deal on Palm Jumeirah, Dubai.

A four-bedroom penthouse in Palm Jumeirah won a huge rental deal of Dhs1.7 million (about 460 thousand dollars) for a year, as the tenant does not want to miss the opportunity to live in the “One Palm” project from “Omniyat”, which is one of the most expensive residential projects distinguished in Dubai.

The "Metropolitan Premium" real estate company completed this deal, which is one of the largest residential rental deals in Dubai this year.

Last November, a villa was rented in Palm Jumeirah for a period of six months, for Dhs4 million (about 1.1 million dollars).

Alexander Melnikov, director of sales at Metropolitan Premium Properties, said the 4,790-square-foot penthouse was the most exclusive option in the One project.

He added, “Demand for the four-bedroom penthouse has been high, despite the high rental fees, as it offers fantastic views of Palm Jumeirah. The deal was done quickly as I represented the landlord and tenant.”