Dubai’s luxury real estate market has set a new record with the lease of a duplex penthouse in the Burj Khalifa for Dhs 12 million per year, marking the highest annual apartment rental in the UAE.
Unique property features
Owned by Karl Haddad, the duplex spans the 87th and 88th floors of the tower. The residence combines multiple apartments into a single vertical estate, featuring a private internal staircase, the only private outdoor pool in the building, and a 2,000 square foot terrace overlooking Dubai’s skyline.
The property currently covers more than 10,000 square feet and is planned to expand to nearly 15,000 square feet. The interior includes a 2,500 square foot master suite, a 1,000 square foot private cinema, a spa, sauna, gym, and custom finishes such as Patagonia marble, Alcantara-lined ceilings, and a 45-speaker Bang and Olufsen system.
“This property is unlike any other in the tower,” Haddad said. “On a personal level, this 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 testing moments.”
Market implications
The lease was arranged by Keyper, reflecting the strength of Dubai’s ultra-luxury rental segment. Omar Abu Innab, Co-Founder and CEO of Keyper, said, “This transaction reflects a clear shift at the very top of Dubai’s market. Ultra-high net worth individuals are prioritising flexibility without compromising scale, privacy, or prestige. An Dhs 12 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 high-value property purchases are increasingly common, annual leases at this level remain rare, placing the residence among a small number of comparable properties globally. Experts say the deal demonstrates Dubai’s ongoing appeal as a stable and attractive location for international investors, even amid regional uncertainty.
tanvir@dubainewsweek.com
