With super-prime real estate, or residences worth $10 million (Dh36.7 million) and more, seeing record demand, Dubai’s standing as a global center for luxury living only gets stronger. Due to foreign purchasers looking for exclusive residences in the city, Dubai saw a spike in sales in this upscale market in 2024, according to UAE real estate analytics firm Property Monitor. Although developers like Omniyat Properties are at the forefront, new competitors are vying for a piece of this profitable market, and the rivalry is getting fiercer.
The UAE’s cosmopolitan lifestyle, top-notch infrastructure, and stable economy have solidified Dubai’s appeal to ultra-high net-worth people (UHNWIs). Over the past few years, the super-prime real estate market has been increasingly popular. Developers reported record-breaking sales in 2024, with properties costing $10 million or more making up a sizable percentage of Dubai’s real estate market.
Regarded as the industry leader, Omniyat Properties attained a 37% market share in the ultra-luxury sector in 2024.
Competitive dynamics in super-prime real estate
Players like Select Group, Kerzner, and Nakheel, in addition to Omniyat Properties, have played a significant role in developing landmark buildings on Palm Jumeirah that appeal to discriminating international investors. With their varied portfolios, these developers are contributing to Dubai’s rise as a center for superior architecture and living. In 35 high-value deals on Palm Jumeirah, Omniyat Properties generated $2.28 billion in sales, accounting for more over half (57%) of the market share in the internationally recognized neighborhood. Select Group achieved a market share of 12.4%, followed by Nakheel at 10.9% and Kerzner at 6.4% in sales of residences valued at $10 million or more.
Omniyat Properties recorded $758.3 million in sales from 13 transactions in Business Bay and Downtown Dubai, two more upscale apartment complexes in Dubai, accounting for 44% of the market. Next in line for market share in the ultra-luxury class of residences costing $10 million or more were Haus & Haus (18.4%), Emaar (9.3%), and Binghatti (8.6%). Newer companies like Kappa Acca are challenging more established ones like Emaar in the market by offering high-value properties that appeal to domestic and foreign purchasers.
Dubai’s global appeal fuels growth
The expansion of Dubai’s super-prime market demonstrates the emirate’s desirability worldwide. Dubai’s tax-friendly climate, robust judicial system, and high standard of living attract foreign purchasers. HNWIs favor the city because it is able to strike a balance between accessibility and exclusivity.
Additionally, Dubai’s focus on sustainability and smart city projects is changing the real estate market and increasing the desirability of super-prime houses to purchasers who care about the environment. The demand for residences that combine elegance and innovation is demonstrated by developments such as Omniyat’s Orla Infinity and The Lana Residences, which broke price-per-square-foot records.
What’s next for super-prime
Developer rivalry is predicted to increase as the demand for ultra-luxury houses continues to rise. In addition to changing Dubai’s skyline, the industry’s success is establishing new standards for luxury, sustainability, and architectural design.
According to industry experts, Dubai’s super-prime market will continue to grow in the upcoming years, with new developments meeting the changing preferences of international investors. The emirate is well-positioned to establish itself as one of the top locations in the world for high-value real estate investments as it continues to push the limits of luxury living.
