Those that have lived in the UAE for a certain amount of time often develop an invisible meter that helps them assess the cost of living.
That meter calculates the cost of housing, both sales and rentals, and becomes part of their DNA. This is particularly relevant in Dubai where the price of property is a constantly evolving conversation.
That is why when a property comes up for rent that confounds your internal meter, it gets everyone talking again.
A fully furnished, six-bedroom, 24,000 sq ft mansion with 18,000 sq ft of built up area in Dubai’s premier district, Emirates Hills, is the talking point of the moment. Why, because annual rent to live there comes in at Dh2.5 million.
Sitting in the development’s E sector, the property is one of the biggest villas in the exclusive leafy Dubai neighbourhood and has one of the best views available - with a full Marina backdrop and views of the fairways and lakes of The Address Montgomerie golf course.
Outside, the property offers a perfectly manicured garden featuring a large infinity pool and Jacuzzi, BBQ area and outdoor kitchen.
Inside and starting at the bottom of the house, the basement has been turned into a state-of-the-art gymnasium with accompanying spa – yes, your own spa with a sauna and steam room. It also accommodates the staff quarters including two maid’s rooms and a driver’s room.
The ground floor has three open plan reception rooms with marble floors throughout and chandeliers that would make Versailles blush add to the changing eye line. It also has cleverly domed ceilings that move into a formal dining room and kitchen that one could mistake for a library such is the amount of dark panneling.
The fixtures and fittings are not modern, with the furniture more appropriate for a traditional, conservative renter. But for those that like those added extras, there are four balconies, three car park spaces and a private lift.
As a plus, all the white goods are included. At that price, they ought to be.
Q&A
Ryan Kasper, head of luxury sales for Luxhabitat, tells Andrew Scott more about the Dh2.5m rental in Emirates Hills:
This is a “wow” price for a rental property.
Yes it’s pretty special. I think it’s the biggest villa I have seen for rent for a long time in Dubai. However, at this level it’s not about the size, it’s all about quality and location. That is why this is priced as it is. It is in the premier neighbourhood of Dubai and in the premier location of the premier neighbourhood. It is arguably the best plot in Emirates Hills. Also the fixtures and fittings have abeen made for the property at such a level of luxury and opulence that really the Dh2.5 million rent is something that sits well.
But isn’t the property market softening?
Not at this level. Obviously this sort of property does not come on the market often and does not go overnight. We have had it on our books for about four months. At this level, a rental is not uncommon because Dubai is transitory for many people starting businesses who demand a property similar to what they are used to but do not want the extra burden of buying and outfitting another residence. And it is highly likely the person that takes this villa will have at least one other property
Does the interior design suggest a certain type of renter?
I don’t think this will be taken by a family with young kids. We have one very interested client who is also looking at a two bedroom penthouse, as I said its not about the size it’s about the quality.
ascott@thenational.ae
Follow The National's Business section on Twitter