A Dubai penthouse in the Burj Khalifa has been leased for AED 12 million per year, establishing the highest annual apartment rental on record in the UAE and placing the property among a small number of comparable listings worldwide.
The residence is owned by Karl Haddad and occupies the 87th and 88th floors of the tower in Dubai. The transaction was facilitated by property platform Keyper.
“In times of volatility, capital does not retreat, it becomes more selective. It seeks environments defined by stability, security, and long-term vision. Dubai continues to command that trust,” Haddad said in a statement.
Dubai’s ultra-prime rental market reaches new heights eith AED12 million Burj Khalifa deal
The penthouse is the only duplex in the Burj Khalifa. Its creation required the merger of multiple residences into a single unit, a process that involved drilling through concrete slabs to install a private internal staircase.
The work took over six years in total, with more than three years spent securing the permissions required to carry out the structural changes.
The residence currently spans over 10,000 square feet, with plans to extend this to approximately 15,000 square feet. It is the only unit in the tower with a private outdoor pool, and holds the distinction of being the highest duplex with a balcony ever constructed in the building. A 2,000 square foot terrace offers views across the Dubai skyline.
The interior includes a 2,500 square foot master suite, a 1,000 square foot private cinema, a full spa, sauna, and gym. Finishes include Patagonia marble, Alcantara-lined ceilings, and a 45-speaker Bang & Olufsen audio system.
“This property is unlike any other in the tower. 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,” he added.
The transaction comes at a moment of uncertainty in a number of global markets. Eight-figure annual lease agreements remain rare internationally, and the deal is being read by market participants as a signal of continued confidence in Dubai as a destination for capital.
“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 AED 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,” Omar Abu Innab, Co-Founder and CEO of Keyper further explained.
While eight-figure property purchases have become more frequent in Dubai in recent years, annual leases at the same level remain rare. The Burj Khalifa deal places the property in a narrow category of rentals globally and, according to those involved, reflects a broader pattern in which capital is moving towards markets perceived as stable during periods of international disruption.
The transaction was handled by Keyper, a platform operating in Dubai’s rental sector, and underlines the liquidity that continues to characterise the top end of the emirate’s property market.
