A penthouse at The Royal Atlantis Resort and Residences on Palm Jumeirah has set a new rental record in Dubai, leasing for an astounding Dh4.4 million per year. This 10,000 sqft, four-bedroom unit which includes a library, exercise room and a 2,700 sqft terrace with an infinity pool is now believed to be the most expensive apartment lease in the city's history.

The tenant, a high-net-worth European family returning to Dubai after living abroad, chose the penthouse for its luxury amenities including hotel concierge services, a private beach and a sky-high infinity pool.

The family had initially considered other units on the Palm but opted to increase their budget for the unique features offered by this penthouse.