Ultra-luxury Dubai villa rents for Dh8.5 million over two years
Lease for the 24,000 sq. ft. villa on 15,000 sq. ft. plot is set in Dubai's Umm Al Sheif
Dubai: An ultra-luxury, ready-to-move-in Dubai home, has been leased for Dh8.5 million over two years, realtors announced on Tuesday, highlighting the growing demand for premium homes in the Emirate. The 24,000 sq ft villa, located in the city’s Umm Al Sheif area, is built over a 15,000sq ft plot.
The property was managed by fäm Living and fäm Lux, divisions of fäm Properties that cater to ultra-high-net-worth clients and manage fully furnished luxury rentals.
“With Dubai attracting an elite audience of millionaires and billionaires, demand for premium, fully furnished, move-in-ready properties is intensifying,” said Firas Al Msaddi, CEO of fäm Properties.
While the UAE is forecast to attract an additional 6,700 millionaires by the end of 2024, the Dubai market has a limited supply of ultra-luxury villas.
DXB Interact reports that of the 61,558 villas set for completion over the next three years, only 379 are priced at Dh60 million or higher, 833 fall within the Dh30-60 million range, and 2,854 are priced between Dh15-30 million.
“This limited inventory, combined with Dubai’s reputation as a top destination for high-net-worth individuals, points to strong growth potential in the ultra-luxury segment,” said Al Msaddi.
“The demand for high-end properties is also evident in the resale market, especially for apartments priced above Dh10 million. Between 2023 and 2024, resale transactions in this segment surged by more than 25%, from Dh9.8 billion to Dh12.4 billion," he said.
DXB Interact data also revealed that ultra-luxury apartments and villas generated a record Dh86.1 billion in sales in 2023, a dramatic leap of 1,245% from Dh6.4 billion in 2016.