Dubai leases most expensive palace ever seen in the emirate

The Palace in Emirates Hills has being leased for $4.6m surpassing the previous record of $4.2m for a waterfront mansion on Jumeriah Bay Island.

A luxury Dubai property located in the heart of Emirates Hills has been leased for one-year at the eye-watering cost of $4.6m.

The palatial villa nicknamed is ‘The Palace’ and is located on Billionaire Row in the luxurious Dubai residential community.

The one-year leasing agreement for $4.6m (AED17 million) makes it the most expensive property ever leased in Dubai.

In 2024, a stunning waterfront mansion on Jumeriah Bay Island was leased for $4.2m (AED15.5 million).

Despite the backdrop of regional unrest, Dubai’s luxury property markets shows no signs of slowing down and continues to set records.

What is The Palace?

The Palace is a privately owned, ultra-luxury villa located on Billionaire Row in the exclusive Emirates Hills community, often described as Dubai’s equivalent of Beverly Hills.

The property underwent an extensive renovation before being marketed to ultra-high-net-worth individuals.

It is a 7-bedroom property, with a whole host of formal reception and entertainment areas.

It contains a large swimming pool, grand palace-style architecture, high-end imported marble and bespoke interiors.

It also has an unspoiled view of the Montgomerie Golf Course.

While the exact floor area has not been publicly disclosed, comparable estates in Emirates Hills typically range from 30,000 to over 60,000 square feet of built-up area on plots exceeding 20,000 square feet.

Why is Emirates Hills so ‘exclusive’?

Developed by Emaar, Emirates Hills remains one of Dubai’s most prestigious residential communities because every villa is custom designed.

There are no apartment buildings in Emirates Hills.

The community comprises of international billionaires, business owners and members of the royal family.

It offers exceptional security and privacy while being just minutes from Dubai Marina, Palm Jumeirah and Downtown Dubai.

Unlike Palm Jumeirah or Downtown, Emirates Hills is prized less for waterfront living and more for exclusivity and large land plots.

Crunching the Numbers

A closer look at the numbers behind this $4.6m deal shows that the lease works out at around $386,000 (AED1.42 million) per month.

That equates to roughly $12,700 (AED46,500) per day.

This makes it one of the most expensive residential rentals not only in the UAE, but globally.

Dubai’s Luxury Property Boom

The deal demonstrates the continued strength of Dubai’s super-prime market.

Over the past few years, Dubai has consistently ranked among the world’s busiest markets for homes valued above $10 million.

Luxury villa prices in premium neighbourhoods such as Emirates Hills, Palm Jumeirah and Jumeirah Bay Island have risen sharply as wealthy buyers and tenants compete for a limited supply of trophy homes.

Annual rental records have climbed from $4.2m (AED15.5 million) in 2024 to The Palace in Emirates Hills, fetching $4.6m (AED 17 million) in 2026.