Dubai’s real estate sector continues to shine as a symbol of magnificence and ambition, with demand for ultra-luxury properties priced above $10 million remaining unwavering. A recent report by Property Monitor, the UAE’s leading real estate intelligence provider, sheds light on the intense competition among developers in this exclusive market, with OMNIYAT Properties emerging as the dominant force.
OMNIYAT Properties has firmly positioned itself as the leader in Dubai’s ultra-luxury market, claiming an impressive 37 percent share of the $10 million-plus property segment. The company’s signature developments, including ORLA Infinity and The Lana Residences, Dorchester Collection, have played a crucial role in achieving this milestone.
In Palm Jumeirah, OMNIYAT Properties has achieved remarkable success, generating $2.28 billion in sales through 35 high-value transactions, securing a dominant 57 percent market share in one of the world’s most prestigious locations. Other competitors, such as Select Group (12.4 percent), Nakheel (10.9 percent), and Kerzner (6.4 percent), are also making significant strides in developing super-prime properties that attract a global clientele.
In Business Bay and Downtown Dubai, OMNIYAT Properties has recorded $758.3 million in sales from 13 transactions, capturing 44 percent of the market share. Competing developers such as Haus & Haus (18.4 percent), Emaar (9.3 percent), and Binghatti (8.6 percent) are also contributing to the sector’s growth, with Emaar’s iconic legacy and emerging players like Kappa Acca adding to the market’s vibrancy.
The continuous expansion of Dubai’s ultra-luxury residential market highlights the city’s ongoing appeal to global investors. Factors such as its secure environment, strategic location, and world-class infrastructure have solidified Dubai as a magnet for high-net-worth individuals seeking exclusive, luxurious living experiences.
OMNIYAT Properties’ unwavering commitment to redefining luxury has set new benchmarks in the industry. Landmark achievements include the complete sell-out of all 20 ultra-luxury duplex residences at ORLA Infinity by August 2024, generating an impressive Dh1.5 billion ($400 million) in sales. This development became the most valuable on Palm Jumeirah in 2024, with prices nearing Dh10,000 per square foot for a four-bedroom duplex.
Similarly, The Lana Residences, Dorchester Collection Dubai, reinforced OMNIYAT Properties’ position as a leader in the ultra-luxury segment. In May 2024, the final penthouse sold for a record-breaking Dh139 million ($37.8 million), further solidifying the developer’s reputation as the premier choice for exclusive properties.
While OMNIYAT Properties continues to lead the market, other developers such as Meraas, Select Group, and AHS Properties are shaping the ultra-luxury landscape with diverse offerings. This healthy competition provides discerning buyers with a range of choices to suit various tastes and preferences.
The resilience and growth of the ultra-luxury market reflect Dubai’s ambition to blend cutting-edge architectural design with unparalleled lifestyle experiences. As the market evolves, collaborations between leading developers could redefine future standards for exclusivity and luxury.
Dubai’s $10 million-plus property market is not just a symbol of economic success—it is a testament to the emirate’s vision of merging luxury with aspiration. With its world-class architectural masterpieces and booming real estate sector, Dubai remains a shining beacon for global investors.
As competition intensifies, it is clear that Dubai will continue to captivate the world’s imagination with its ever-evolving luxury landscape and unwavering commitment to excellence.
