Realtors revealed on Tuesday that an ultra-luxury, ready-to-move-in Dubai home had been leased for Dh8.5 million over two years, underscoring the rising demand for high-end real estate in the Emirate. Built on a 15,000-square-foot plot, the 24,000-square-foot villa is situated in the Umm Al Sheif neighborhood of the city.
Fäm Living and Fäm Lux, two divisions of Fäm Properties that manage fully furnished luxury rentals and cater to ultra-high net worth clients, were in charge of the property.
“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.
Although an additional 6,700 millionaires are expected to move to the UAE by the end of 2024, there aren’t many ultra-luxury villas available in the Dubai market.
Only 379 of the 61,558 villas scheduled for completion over the next three years are priced at Dh60 million or more, 833 are in the Dh30–60 million range and 2,854 are in the Dh15–30 million range, according to DXB Interact.
“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.
Additionally, according to DXB Interact data, ultra-luxury villas and apartments sold a record Dh86.1 billion in 2023—a sharp increase of 1,245% from Dh6.4 billion in 2016.
