Evaluation:

In 2024, Dubai’s ultra-luxury real estate market witnessed significant activity, particularly in the segment of apartments priced above $10 million. Leading this market was OMNIYAT Properties, a developer renowned for its high-end projects. According to data from Property Monitor, OMNIYAT achieved sales totaling approximately AED 2.94 billion (over $800 million) across 46 transactions, capturing a 37% share of this exclusive market segment.

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Fizzle Out:

A substantial portion of OMNIYAT’s success was concentrated in Palm Jumeirah, where the company secured AED 2.18 billion ($593 million) in sales through 33 high-value transactions, commanding a 58.1% market share in this prestigious locale. In the Business Bay and Downtown Dubai areas, OMNIYAT recorded AED 758.3 million ($206.4 million) in sales from 13 transactions, capturing 43.5% of the market share in these prime urban districts.

Key projects contributing to OMNIYAT’s impressive performance include ORLA Infinity, Dorchester Collection, Dubai. By August 2024, all 20 ultra-luxury duplex residences in this development were sold, generating AED 1.4 billion ($385.4 million) in sales. Notably, a four-bedroom duplex in ORLA Infinity reached a value of nearly AED 10,000 per square foot, making it the most valuable off-plan property on Palm Jumeirah in 2024.

The demand for ultra-luxury properties in Dubai remains robust, driven by the city’s appeal to affluent investors seeking exclusive living experiences. Factors such as favorable tax policies, large-scale infrastructure investments, and a strategic location contribute to Dubai’s attractiveness as a global hub for luxury real estate.

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VERDICT:

OMNIYAT’s leadership in the ultra-luxury segment underscores its commitment to delivering exceptional living spaces that blend architectural innovation with sophisticated design. As the market continues to evolve, the company remains focused on setting new benchmarks in luxury living, catering to the discerning tastes of its clientele.