Landlords and real estate agents are offering luxury two-bedroom apartments that boast a stunning view of the Burj Khalifa fireworks, starting at Dhs 12,000 per night and reaching up to Dhs 37,000 per night.
Yet, exclusive penthouses listed on Booking.com indicate rental rates ranging from Dh70,000 to Dh80,000 for one night.
Additional listings on the website feature premium apartments available for rent at rates of Dh30,000 to Dh50,000 for the period between December 30, 2023, and January 1, 2024.
Classified platforms such as Dubizzle and short-term accommodation apps like Airbnb are also witnessing significant interest from those looking to celebrate New Year’s Eve with most of the properties booked out already.
Companies renting at Dh37,000 per night
Vinayak Mahtani CEO of bnbme holiday homes told Khaleej Times, “Our Downtown prices are renting at about 20-30 per cent higher than last year. We have a four-bedroom penthouse which is available at Dh37,000 for the 31st night which will give you a clear view of the fireworks. This comes with a minimum length of stay of three nights.”
The apartment is 4,500 sq ft and comes with a housekeeper and chef for breakfast.
“Last year the same apartment did around Dh30,000 and this year it is higher. During the winter season, this apartment does about Dh7,000 a night. Other four-bedroom apartments are starting at around Dh7,000 per night.”
Residents who book early may sometimes secure an apartment that proves to be more economical than shelling out thousands of dirhams for table reservations at hotels and restaurants in the bustling party areas.
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Apartments around Downtown completely booked out say agents
Mostafa Hammad, Head of Leads Management in Drehomes Real Estate, said, “For the past couple of months, we’ve encountered challenges securing available spaces, particularly in Downtown areas. It’s become very expensive. There is zero availability in these areas, especially now. The highest was Dh160,000 per month for a four-bedroom apartment, at the end of November. This particular apartment has a huge balcony and a direct view of Burj Khalifa.”
“Other smaller apartments have also been going for Dh140,000 to Dh130,000 with a Burj Khalifa view.
“Although our company does not do daily rentals, I do know that daily rents for some of these apartments even exceed Dh12,000 or Dh12,500 and this will only keep increasing as we inch closer to the New Year’s Eve,” Hammad added.
He highlights if one explores Dubizzle, people might notice some listings, but upon calling agents, they are often informed that everything is already rented out.
“Likely, they haven’t taken those listings down yet, but they’ll likely do so soon. This year we have noticed a 20 to 30 per cent short-term rental hike as compared to previous years,” he added.
Premium access for the New Year fireworks
Experts say property sizes range from studios of around 450 sq ft to penthouses of up to 8,000 sq ft in size. Amenities include high speed internet accesses, utility connections, late and early check ins and premium access for the New Year fireworks displays and Burj Khalifa shows, with frequent requests for butler services and airport transfers.
Aneela Bibi, Head of Short-Term Leasing, Chestertsons MENA, said, “Rental prices increase considerably for New Years Eve, with apartments in some areas commanding up to four times the usual amount. For example, at Downtown Dubai, a three bedroom apartment that would normally bring in Dh1,600 to Dh2,500 per night would go for between Dh6,000 and Dh8,500 on 31 December.”
“There has also been an increase of 37 per cent in available property listings in the last three years,” added Bibi.