Outlook for super-prime remains robust, with new projects catering to global tastes
Dubai’s Luxury Real Estate Market Experiences Unprecedented Growth: The Surge in Super-Prime Properties
Dubai is firmly establishing itself as a global leader in luxury living, with its super-prime real estate market – encompassing properties valued at $10 million (Dh36.7 million) and above – seeing an extraordinary rise in demand. According to Property Monitor, a leading UAE real estate intelligence platform, Dubai has experienced an uptick in transactions within this elite sector in 2024. This growth is primarily attributed to international buyers who are increasingly seeking exclusive, high-end properties within the city. Key players like Omniyat Properties are leading the charge, although the market is becoming more competitive as new developers enter the race for a slice of this lucrative market.
Dubai’s robust economy, exceptional infrastructure, and cosmopolitan lifestyle have firmly established the city as a magnet for ultra-high-net-worth individuals (UHNWIs). Over recent years, the super-prime property segment has emerged as a major draw for these individuals, and its growth trajectory shows no signs of slowing down. In 2024, properties priced over $10 million made up a significant portion of Dubai’s real estate market, with developers recording record-breaking sales.
Omniyat Properties, recognized as a key leader in this segment, has garnered a substantial 37 percent market share within the ultra-luxury segment in 2024.
A Competitive Edge in Super-Prime Real Estate
On Palm Jumeirah, luxury developers such as Select Group, Kerzner, and Nakheel, alongside Omniyat Properties, have played a major role in creating landmark projects that captivate high-net-worth investors. Their varied portfolios are contributing to Dubai’s reputation as a hub for architectural innovation and exceptional living standards. Omniyat Properties, in particular, achieved an impressive $2.28 billion in sales across 35 high-value transactions on Palm Jumeirah, claiming more than half (57 percent) of the market share in this globally renowned district. Other developers in the area include Select Group with 12.4 percent of the market share, Nakheel with 10.9 percent, and Kerzner with 6.4 percent in sales of $10-million-plus homes.
In Business Bay and Downtown Dubai, known for their prestigious apartment offerings, Omniyat Properties reported $758.3 million in sales from 13 transactions, capturing 44 percent of the market share. Following closely behind are Haus & Haus with 18.4 percent, Emaar with 9.3 percent, and Binghatti with 8.6 percent market share within the ultra-luxury segment. The segment is seeing newer entrants such as Kappa Acca challenging long-established players like Emaar, as they offer high-value properties that appeal to both regional and international buyers.
Dubai’s Global Appeal Drives Super-Prime Growth
The rapid expansion of Dubai’s super-prime market showcases the city’s broad international appeal. Attracting buyers from around the globe, Dubai’s tax-friendly policies, strong legal protections, and unmatched lifestyle offerings make it a prime destination for HNWIs. The city’s ability to seamlessly combine exclusivity with accessibility has solidified its position as a preferred choice for global investors.
Additionally, Dubai’s commitment to sustainability and smart city initiatives is significantly shaping its real estate market. Super-prime properties that cater to environmentally conscious buyers are on the rise. Iconic developments such as Omniyat’s Orla Infinity and The Lana Residences, which have set new records in price per square foot, highlight the increasing demand for properties that combine luxury with innovation.
What Lies Ahead for Super-Prime Properties
As demand for ultra-luxury homes continues to surge, competition among developers is expected to intensify. The success of this market is not only reshaping the city’s skyline but also establishing new standards for architectural excellence, sustainability, and luxury living.
Industry experts forecast a continued strength in Dubai’s super-prime market, with fresh projects aligning with the changing preferences of global investors. As Dubai continues to push the boundaries of luxury living, it is positioned to reinforce its reputation as one of the top global destinations for high-value real estate investment.
