The market for super-prime real estate valued at $10 million (Dh36.7 million) or more is witnessing unprecedented demand, further solidifying Dubai’s reputation as a global luxury living hub. Foreign buyers seeking exclusive homes have driven a surge in this high-end sector in 2024, as reported by UAE real estate analytics firm Property Monitor. While Omniyat Properties leads this market, new entrants are also vying to capitalise on this lucrative opportunity, intensifying competition.
Dubai’s global allure for ultra-high net-worth individuals (UHNWIs) is fuelled by its cosmopolitan lifestyle, top-tier infrastructure, and stable economy. The super-prime real estate sector has gained significant traction over recent years, with 2024 seeing record-breaking sales where $10 million properties represented a large segment of the market. Omniyat Properties, a dominant player, captured a 37% market share in the ultra-luxury category in 2024.
Competitive Dynamics in Super-Prime Real Estate
Developers such as Select Group, Kerzner, and Nakheel, alongside Omniyat, have been instrumental in creating iconic projects on Palm Jumeirah that attract discerning international investors. These developers, with their diverse portfolios, are key to Dubai’s ascent as a centre for cutting-edge architecture and luxurious living. Omniyat achieved $2.28 billion in sales from 35 transactions on Palm Jumeirah, securing 57% of the market share in this prominent area. Select Group held a 12.4% market share, followed by Nakheel at 10.9%, and Kerzner at 6.4% for homes priced at $10 million or more.
In Business Bay and Downtown Dubai, Omniyat recorded $758.3 million in sales across 13 transactions, capturing 44% of this upscale segment. Other key players in the ultra-luxury home market, like H & H (18.4%), Emaar (9.3%), and Binghatti (8.6%), also marked their presence. Emerging companies such as Kappa Acca are challenging established brands like Emaar by offering high-value properties appealing to both local and international buyers.
Dubai’s Global Appeal Fuels Growth
The growth of Dubai’s super-prime real estate sector underscores the emirate’s global desirability. With a tax-friendly environment, strong legal framework, and high quality of life, Dubai attracts foreign purchasers who appreciate its blend of accessibility and exclusivity. The city’s commitment to sustainability and smart city initiatives is transforming the real estate market, making super-prime properties even more attractive to environmentally conscious buyers. Developments like Omniyat’s Orla Infinity and The Lana Residences, which set new records for price per square foot, illustrate the demand for properties combining luxury and innovation.
What’s Next for Super-Prime
As the appetite for ultra-luxury homes grows, increased competition among developers is expected. The success of this industry is not only reshaping Dubai’s skyline but also setting new benchmarks in luxury, sustainability, and architectural design. Experts predict continued growth for Dubai’s super-prime market in the coming years, with new projects aligning with evolving preferences of global investors. As Dubai continues to push the boundaries of luxurious living, it is well-positioned to cement its status as one of the world’s premier destinations for high-value real estate investment.
