Dubai continues to strengthen its position as a global center of luxury real estate. According to the analytical agency Property Monitor, 2024 was marked by an unprecedented growth in sales in the segment of premium apartments worth more than 10 million dollars.
Let’s take a closer look at the distribution of forces in this dynamic market.
Market Leaders and Key Players
The undisputed favorite of the year was OMNIYAT, which captured an impressive market share of 36.8% in the segment of luxury apartments. The second position is occupied by MERAAS with 12.9%, and SELECT GROUP, controlling 9.7% of the market, completes the top three. AHS PROPERTIES and NAKHEEL also made significant progress, occupying the fourth and fifth positions with shares of 9.4% and 5.1% respectively. These figures clearly demonstrate the high concentration of the market in the hands of a few key developers.
Read also: Abu Dhabi property market hits all-time high in 2024.
Geographical expansion and local achievements
Particular attention should be paid to the situation in the prestigious area of Palm Jumeirah, where the dominance of OMNIYAT manifested itself even more vividly – the company managed to win a huge share of 58.1% of the market of luxury apartments. In this location SELECT GROUP and NAKHEEL took the second and third places with 12.4% and 10.9% respectively. The picture is no less interesting in the Downtown and Business Bay areas, where OMNIYAT also holds the leadership with a share of 43.5%, significantly ahead of H&H Development (18.4%) and EMAAR (9.3%).
Key achievements of the Dubai real estate market in 2024:
- Total transaction volume exceeded the historical mark of 170,000 transactions
- Significant price growth in the premium segment
- Increased inflow of wealthy investors from around the world
- Expansion of the geography of luxury developments
Read also: MANTRA and DAMAC Group sign a breakthrough agreement worth a billion dollars.
Real estate market experts are unanimous in their opinion that the positive dynamics will continue in 2025. This is facilitated by the steadily growing popularity of Dubai among wealthy buyers from all over the world, who are attracted not only by the quality of real estate, but also by the overall economic stability of the emirate, developed infrastructure and favorable tax climate. The news was interesting and informative. Want more reliable real estate news? Subscribe to Lyukos updates and receive notifications about fresh publications.
