New Year in Dubai: Villas, penthouses in strong demand, one-night costs up to Dh45,000

New Year in Dubai: Villas, penthouses in strong demand, one-night costs up to Dh45,000

Most hotels in city are over 90 per cent occupancy while some have reached full capacity

Photo used for illustrative purpose

Published: Sat 31 Dec 2022, 3:57 PM

As tourists flock to Dubai and residents opt for staycations, not just hotel occupancy rates, even villas and penthouses demand has skyrocketed on New Year's eve.

Most of the hotels in Dubai are over 90 per cent occupancy while some have reached their full capacity as the UAE residents and tourists welcome 2023.

In order to watch the New Year celebrations, Downtown, Palm Jumeirah, and Bluewaters have seen strong demand for penthouses and villas on New Year's eve.

This pushed up rental rates substantially for villas and penthouses on New Year's night with a five-bedroom villa on Palm Jumeirah going for as high as Dh45,000 for one night in addition to taxes, according to Booking.com. The villa is an entire vacation with a private pool, balcony, garden view and other amenities.

Another six-bedroom villa located in Falcon City has been listed for Dh35,000 plus over Dh8,000 taxes and charges for bookings on New Year's night.

Demand for high-end properties has seen a big increase after the pandemic as high-net-worth individuals, especially from Russia, Ukraine, Europe and Asia flocked to Dubai.

Dubai