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

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 is all set to welcome the New Year with dazzling fireworks displays at 30 locations across the city. Also, concerts featuring superstars, a stellar entertainment line-up, family-friendly activities and spectacular drone shows have been lined up for the New Year. All these make Dubai the hottest place to celebrate the New Year.

For apartments, the most expensive has been listed on Bluewaters which costs Dh31,500 plus over Dh3,500 in taxes on New Year's night.

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