This success highlights OMNIYAT’s role as the top player in Dubai.
Breaking Records Across Prime Locations
OMNIYAT has made a big impact on Dubai’s top communities. Its projects in Palm Jumeirah, Business Bay, and Downtown Dubai underscore the strong demand for ultra-luxury properties in the emirate.
Palm Jumeirah
On Palm Jumeirah, OMNIYAT sold AED 2.18 billion ($593 million) worth of property in 33 deals. This huge amount means OMNIYAT owns 58.1% of the ultra-luxury market on the island. This proves OMNIYAT’s dominance in Dubai’s prime location.
Business Bay and Downtown Dubai
In Business Bay and Downtown Dubai, OMNIYAT sold AED 758.3 million ($206.4 million) worth of property in 13 deals. This performance grabbed 43.5% of the $10 million-plus market in these areas.
Flagship Projects Raising the Bar
Two of OMNIYAT’s top projects, ORLA Infinity and The Lana Residences, Dorchester Collection Dubai , have set new standards for high-end living.
- ORLA Infinity: All 20 duplex residences in this prestigious development were sold by August 2024, generating AED 1.4 billion ($385.4 million) in sales. One unit achieved a record-breaking AED 10,000 per square foot, making it the most valuable off-plan property on Palm Jumeirah in 2024.
- The Lana Residences: The final penthouse in this development was sold for AED 139 million ($37.8 million) in May 2024. It set a benchmark for the ultra-luxury penthouse segment.
Market Analysis: Dubai’s Evolution as a Global Luxury Destination
OMNIYAT Properties’ outstanding results in the over $10 million market show how Dubai increasingly appeals to UHNWI. This matches the city’s goal of becoming a world-class high-end real estate place.
Mahdi Amjad, Founder and Executive Chairman of OMNIYAT Properties, shared his thoughts on the company’s achievements: “For more than 20 years, OMNIYAT Properties has led the way in creating high-end lifestyle experiences. We’re pleased to see Dubai’s market drawing in the sophisticated people we imagined as our community. Our ongoing success and proven track record show the confidence and happiness of our customers, who believe in our idea of upscale living. We couldn’t ask for a better seal of approval.”
Amjad explained more about the market situation, saying, “Dubai’s real estate market keeps drawing in investors from around the world who want top-notch living spaces. The $10 million-plus segment is very special. We’ve always aimed to build masterpieces that give people amazing places to live making OMNIYAT Properties the go-to developer for the world’s pickiest buyers.”
Industry Scene: How OMNIYAT Stacks Up Against Rivals
Property Monitor sheds light on the competitive scene in Dubai’s high-end real estate market for 2024. They shared how much of the market different developers have in the category of apartments sold for USD 10M and above:
- OMNIYAT: 36.8%
- MERAAS: 12.9%
- Select Group: 9.7%
- AHS Properties: 9.4%
- NAKHEEL: 5.1%
Other key players in this market include:
This breakdown highlights OMNIYAT’s leading role showing a big gap between them and their rivals. The company’s market share is almost triple that of MERAAS, which comes in second. This drives home how well OMNIYAT has done in the top-end luxury sector.
Future Outlook
Dubai keeps strengthening its role as a global center for high-end real estate, and OMNIYAT Properties seems ready to stay on top in the ultra-luxury market. The company’s history of successful projects and its knack for attracting wealthy buyers point to a bright future in this tough market.
The ongoing interest in ultra-luxury properties in Dubai , along with OMNIYAT’s fresh ideas and dedication to top quality, suggests the company could keep growing and breaking sales records in the years ahead.
Conclusion
OMNIYAT Properties’ $800 million in ultra-luxury sales shows their dominance in Dubai’s high-end real estate market. It also proves Dubai is becoming more attractive for luxury living. OMNIYAT has a big market share and many successful projects. They’ve set a new bar for ultra-luxury development in the area. This will shape Dubai’s skyline and real estate scene in the coming years.
The company’s journey to success shows how Dubai has grown into a global luxury hotspot and paves the way for more breakthroughs in the ultra-high-end real estate world.
