Dubai proptech Silkhaus to wind down UAE rentals after $10M+ raised
What's the deal? Silkhaus, the Dubai-based proptech startup known for short-term rentals, is reportedly winding down its UAE holiday-home business, with operations ending on November 11. The company has not publicly confirmed the closure and has not responded to repeated media requests for comment.
What are the signs? A finance team member said in a public LinkedIn post that the company had decided to cease trading, while other employees shared that they were leaving to search for new roles. Property owners reportedly received notices ending their management agreements on November 11 — a date that matches booking limits on the company's website, where Dubai and Abu Dhabi stays could not be extended beyond it.
The backstory: Founded in 2021 by Aahan Bhojani and Ashmin Varma, Silkhaus served travellers between hotel guests and long-term tenants, handling furnishing, maintenance, guest services, and listings while landlords shared booking revenue. One Booking.com listing put its portfolio at 515 managed properties.
The startup was not short of funding. It raised a $7.75 million seed round in November 2022 from NuwaDealroom has a profile for this one. Try Dealroom → Capital, NordstarDealroom has a profile for this one. Try Dealroom →, Global Founders Capital, and VentureSouq, followed by an undisclosed multi-million-dollar pre-Series A in January 2024. Total equity and debt funding passed $10 million before a seven-figure growth round in January 2025, led by Nuwa and Oraseya CapitalDealroom has a profile for this one. Try Dealroom → to fund Saudi expansion.
Why now? One property owner wrote on Reddit that a notice dated October 12 cited the impact of regional conflict on tourism and bookings. The exit also follows a sharp downturn in Dubai's holiday-home market, where second-quarter 2026 occupancy fell to 47.7% and average daily rates dropped 17.9% year over year.
What's unresolved? The reported wind-down leaves questions over existing bookings, owner payments, and how any handover will work. Owners were reportedly offered the option to move to First Class Property Management, which declined to discuss a transition plan.
The Saudi push also appears stalled. Riyadh is no longer listed as a destination on the company's website.
The signal: The retreat marks a notable reversal for a well-funded startup that said its gross booking value had more than doubled year on year, with guests from over 120 countries. It is a reminder that scaling proptech in the region can look strong from the outside until operational pressures — and a softening market — arrive at once.
Read more: en.arageek.com
Image credit: Generated with Gemini
