Top Developers Dominating Dubai’s Luxury Property Market in 2024
Dubai’s real estate market continues to set new records, with luxury properties leading the way. In 2024, the city’s ultra-premium $10 million-plus apartment market showcased some of the most impressive sales figures, driven by key developers like OMNIYAT, MERAAS, and SELECT GROUP.
Here’s the top-performing developers, popular area by Property Monitor and why investing in Dubai’s high-end real estate remains a lucrative opportunity.
Top Developers in the $10M+ Apartment Market
- OMNIYAT Properties: The Market Leader OMNIYAT dominated the luxury market in 2024, capturing a staggering 36.8% market share for $10 million-plus apartments across Dubai. In specific locations like Palm Jumeirah, OMNIYAT’s presence was even more commanding, with a 58.1% market share. This developer’s projects are synonymous with opulence, blending innovative designs with world-class amenities.
- MERAAS: Second Place with 12.9% Known for creating some of Dubai’s most iconic developments, MERAAS took the second spot with a 12.9% market share, offering properties that appeal to discerning investors seeking lifestyle and luxury.
- SELECT GROUP: A Rising Star SELECT GROUP secured the third position with a 9.7% share, excelling in both Palm Jumeirah and Downtown Dubai. Their developments attract both end-users and investors, thanks to strategic locations and premium designs.
- NAKHEEL and AHS PROPERTIES These developers rounded out the top five, with 5.1% and 9.4% market shares, respectively. NAKHEEL’s expertise in creating waterfront communities continues to make waves, while AHS PROPERTIES is gaining traction in the luxury segment.
Hotspots for Luxury Sales
- Palm Jumeirah: The Jewel of Dubai The Palm remains a standout location for ultra-high-net-worth individuals, thanks to its exclusivity and unparalleled views. OMNIYAT once again led the market here, selling more than half of all $10M+ apartments.
- Downtown Dubai and Business Bay These vibrant districts are popular among professionals and investors. OMNIYAT led the market here with a 43.5% share, followed by H&H Development (18.4%) and EMAAR (9.3%).
Why Invest in Dubai’s Luxury Market?
- Global Appeal for High-Net-Worth Individuals Dubai remains a magnet for international investors, offering safety, world-class infrastructure, and a tax-free environment. The city is a top choice for those looking to diversify their portfolios.
- Unmatched ROI The luxury segment has consistently shown strong returns, with villa values increasing by 24.3% last year alone.
- Strategic Locations Developers are focusing on iconic areas like Palm Jumeirah, Business Bay, and Downtown, ensuring high demand for luxury properties.