Dubai’s super-prime property market, featuring homes priced at $10 million (Dh36.7 million) and above, witnessed a surge in demand throughout 2024, according to a report by UAE real estate intelligence firm Property Monitor (originally reported by Gulf News). International buyers seeking exclusive lifestyles have propelled this segment to new heights, with developers like Omniyat Properties leading the way.

Omniyat Properties dominated the ultra-luxury space, securing a 37% market share last year. The company recorded significant sales on Palm Jumeirah, achieving $2.28 billion through 35 transactions, claiming 57% of the district’s market share. Other players like Select Group, Nakheel, and Kerzner also contributed to the boom, though they held smaller percentages of the market.

In Business Bay and Downtown Dubai, Omniyat’s dominance continued with $758.3 million in sales across 13 transactions, capturing 44% of the market. Firms like Haus & Haus and Emaar followed behind, but newer developers such as Kappa Acca are beginning to challenge the older giants with high-value projects designed for both regional and global investors.

Dubai’s appeal as a global luxury hub remains strong, thanks to its tax-friendly policies, world-class infrastructure, and cosmopolitan lifestyle. Sustainability and smart city initiatives are also transforming the real estate landscape, with projects like Omniyat’s Orla Infinity and The Lana Residences setting records for price per square foot.

As demand for ultra-luxury homes grows, competition among developers is expected to heat up further. Experts predict Dubai’s super-prime market will remain robust, driven by new projects that reflect the evolving tastes of wealthy investors. The emirate is not only redefining luxury living but also solidifying its status as a global destination for high-value real estate investments.