Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
The recent rental of a luxury villa in Dubai's Umm Al Sheif area for AED8.5 million over two years highlights the city's rising demand for premium, ready-to-move properties. This 24,000 sq ft residence, managed by fam Living and fam Lux for ultra-high-net-worth clients, sets a new record in the exclusive western Dubai community. With the UAE expected to welcome 6,700 additional millionaires by 2024, the ultra-luxury villa market faces limited supply. According to DXB Interact, sales of properties over AED10 million grew significantly in 2023, with luxury property resale transactions surging over 25%, reflecting Dubai's strong appeal among affluent buyers.
A recent lease agreement for an ultra-luxury villa in Dubai's Umm Al Sheif area, valued at AED8.5 million over two years, underscores the growing demand for premium, move-in-ready homes. The 24,000 sq ft villa, set on a 15,000 sq. ft plot, marks a record in this exclusive western Dubai community. The transaction was facilitated by fam Living and fam Lux, branches of fam Properties, which cater to ultra-high-net-worth clients and manage luxury rentals. Advertisement
"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 fam Properties.
The UAE is anticipated to attract 6,700 new millionaires by the close of 2024, yet Dubai faces a limited supply of ultra-luxury villas. According to DXB Interact, out of the 61,558 villas expected over the next three years, only 379 are priced at AED60 million or more, with 833 in the AED30-60 million range and 2,854 between AED15-30 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. The demand for high-end properties is also evident in the resale market, especially for apartments priced above AED10 million. Between 2023 and 2024, resale transactions in this segment surged by more than 25%, from AED9.8 billion to AED12.4 billion. Notably, this increase includes only resale transactions, and excludes off-plan sales, indicating a strong and consistent demand for luxury properties in Dubai." said Al Msaddi.
In recent years, the market for properties priced above AED10 million, including both initial sales by developers and resale transactions, has seen substantial growth. Data from DXB Interact indicates that in 2023, sales of ultra-luxury apartments and villas reached a record AED86.1 billion, representing an impressive 1,245% increase from AED6.4 billion in 2016.
In conclusion, Dubai's luxury real estate market is booming, marked by record-breaking deals and a limited inventory that appeals to high-net-worth individuals. As the UAE's wealthy population grows, the demand for ultra-luxury, fully furnished properties remain strong, driving sales and showcasing Dubai as a premier destination for high-end living.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
