Demand for $10-million-plus Dubai homes still strong: Property Monitor report

Dubai’s reputation as a global hub for luxury living continues to grow, with the super-prime real estate market – properties valued at $10 million (Dh36.7 million) and above – witnessing unprecedented demand. According to UAE real estate intelligence provider Property Monitor, Dubai recorded a surge in transactions in this elite segment in 2024, driven by international buyers seeking exclusive addresses in the city. Developers like Omniyat Properties are leading the charge, but the competition is heating up as new players vie for a share of this lucrative market.                   

The UAE’s economic stability, world-class infrastructure, and cosmopolitan lifestyle have cemented Dubai’s position as a magnet for ultra-high-net-worth individuals (UHNWIs). The super-prime property segment has emerged as a key attraction, growing consistently over the past few years. In 2024, properties priced at $10 million plus accounted for a significant portion of Dubai’s real estate market, with developers posting record-breaking sales.

Omniyat Properties, regarded as the leader in this segment, achieved a 37 per cent market share of the ultra-luxury segment in 2024.

On Palm Jumeirah, players like Select Group, Kerzner, and Nakheel, along with Omniyat Properties, have been instrumental in creating iconic projects that appeal to discerning global investors. These developers, with their diverse portfolios, are helping elevate Dubai’s status as a hub for architectural and lifestyle excellence. Omniyat Properties clocked up $2.28 billion in sales across 35 high-value transactions on Palm Jumeirah, representing more than half  (57 per cent) of market share in the globally renowned district. Select Group secured 12.4 per cent of market share, Nakheel 10.9 per cent and Kerzner 6.4 per cent in sales of $10-million-plus homes. 

In Dubai’s other elite apartments district of Business Bay and Downtown Dubai, Omniyat Properties recorded $758.3 million in sales from 13 transactions, capturing 44 per cent of the market share. This was followed by Haus & Haus with 18.4 per cent, Emaar with 9.3 per cent and Binghatti with 8.6 per cent of market share in the ultra-luxury segment of $10-million plus homes. Older well-established players like Emaar are being challenged in the segment by newer ones such as Kappa Acca, in delivering high-value properties that resonate with both regional and international buyers.

The growth of Dubai’s super-prime market shows the emirate’s global appeal. International buyers are drawn by Dubai’s tax-friendly environment, strong legal framework, and exceptional quality of life. The city’s ability to balance exclusivity with accessibility has made it a preferred destination for HNWIs.

Furthermore, Dubai’s emphasis on sustainability and smart city initiatives is transforming its real estate landscape, making super-prime properties more appealing to environmentally conscious buyers. Developments like Omniyat’s Orla Infinity and The Lana Residences, which set new records in terms of price per square foot, illustrate the demand for properties that merge luxury with innovation.

As demand for ultra-luxury homes continues to grow, the competition among developers is expected to intensify. The sector’s success is not only reshaping Dubai’s skyline but also setting new benchmarks for architectural design, sustainability, and luxury.

Industry leaders predict that Dubai’s super-prime market will remain robust in the coming years, with new projects catering to the evolving tastes of global investors. As the emirate continues to push the boundaries of luxury living, it is poised to solidify its position as one of the world’s premier destinations for high-value real estate investments.