With record demand for super prime real estate or homes worth $10 million (Dh36.7 million) or more, Dubai’s reputation as a global luxury hub is growing. According to Property Monitor, a UAE real estate analytics company, Dubai saw a surge in sales in this luxury segment in 2024 as international buyers looked for homes in the city. New players are entering the market and the competition is getting fiercer even if developers like Omniyat Properties are leading the way.
Dubai’s appeal to ultra high net worth individuals (UHNWIs) has been solidified by the UAE’s cosmopolitan lifestyle, great infrastructure and stable economy. The super prime real estate market has been growing for several years. In 2024, developers reported record sales, with a big chunk of Dubai’s real estate market being properties worth $10 million or more.
In 2024, Omniyat Properties, the industry leader, had a 37% market share in the ultra luxury segment.
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Competitive dynamics in super-prime real estate
Besides Omniyat Properties, Select Group, Kerzner and Nakheel have built iconic structures on Palm Jumeirah that appeal to international investors. Their varied portfolios are making Dubai a destination for luxury living and architecture.
Omniyat Properties produced $2.28 billion in sales from 35 high-value transactions on Palm Jumeirah, holding more over half (57%) of the market share in the globally renowned area. In sales of homes worth at least $10 million, Select Group had a 12.4% market share, followed by Nakheel at 10.9% and Kerzner at 6.4%.
With 13 deals in Business Bay and Downtown Dubai, two additional upscale apartment complexes in Dubai, Omniyat Properties recorded $758.3 million in sales, or 44% of the market. In the ultra-luxury class of homes that cost $10 million or more, Haus & Haus (18.4%), Emaar (9.3%), and Binghatti (8.6%) were next in line for market share. By providing high-value properties that appeal to both domestic and foreign buyers, newer businesses like Kappa Acca are competing with more established ones like Emaar in the market.
Dubai’s global appeal fuels growth
The growth of the super-prime market in Dubai is evidence of the emirate’s global appeal. Foreign buyers are drawn to Dubai by its tax-friendly environment, strong legal system, and excellent level of living. The city is preferred by HNWIs due to its ability to balance exclusivity with accessibility.
And Dubai’s smart city drive and sustainability focus is changing the real estate landscape and making super prime homes more attractive to eco-conscious buyers. Orla Infinity and The Lana Residences by Omniyat which set price per square foot records show we need homes that are both beautiful and innovative.
What’s next for super-prime
The demand for super luxury homes will only get fiercer. The industry is not only changing Dubai’s skyline but also setting new standards for sustainability, beauty and design.
Industry experts say Dubai’s super prime will continue to grow in the coming years as new supply adapts to international buyer tastes. As it goes beyond luxury, Dubai will be one of the best places to invest in high end real estate.
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