OMNIYAT Properties continues to set the standard for ultra-luxury living in Dubai, leading the market with a commanding share of sales in the $10 million+ residential segment. The developer, known for its visionary approach and world-class designs, has once again proven its dominance in the super-prime market, securing $800.2 million (AED 2.94 billion) in sales in 2024.
According to Property Monitor, a leading provider of real estate data in the UAE, OMNIYAT captured 37% of all transactions in the $10 million+ bracket, solidifying its position as Dubai's top developer in this exclusive category. This impressive achievement highlights not only the strength of OMNIYAT's portfolio but also the growing appeal of Dubai as the global epicentre for ultra-luxury real estate.
A Record-Breaking Year: Leading the Ultra-Luxury Market
OMNIYAT’s dominance in the ultra-luxury segment is reflected in its exceptional performance across key districts, including Palm Jumeirah and Business Bay/Downtown Dubai. On Palm Jumeirah, the developer achieved a staggering $593 million (AED 2.18 billion) in sales, capturing an overwhelming 58.1% of the market share in this highly coveted location. This performance underscores OMNIYAT's reputation as the go-to developer for those seeking the pinnacle of luxury living on Dubai’s iconic island.
In Business Bay and Downtown Dubai, OMNIYAT also made a strong impact, generating $206.4 million (AED 758.3 million) in sales from 13 transactions. The company secured 43.5% of the market share in these dynamic urban areas, further cementing its dominance in the city's ultra-luxury landscape.
Landmark Projects Leading the Charge
A key driver behind OMNIYAT's success has been its portfolio of landmark projects that continue to capture the imagination of investors. One such project is ORLA Infinity, part of the prestigious Dorchester Collection, Dubai. This ultra-luxury development saw all 20 duplex residences sold out by August 2024, generating a remarkable $385.4 million (AED 1.4 billion) in sales. With prices soaring to nearly $2,720 (AED 10,000) per square foot, ORLA Infinity set a new benchmark for luxury on Palm Jumeirah.
Another standout project, The Lana Residences, also part of the Dorchester Collection, saw its final penthouse sold for a record-breaking $37.8 million (AED 139 million) in May 2024. This achievement has solidified OMNIYAT as the developer of choice for those seeking the ultimate in luxury living, blending innovative design with unparalleled quality.
The Vision Behind OMNIYAT’s Success
Mahdi Amjad, Founder and Executive Chairman of OMNIYAT Properties, attributes the company's success to its unwavering commitment to creating exceptional living experiences. "For over two decades, OMNIYAT has been a pioneer in redefining luxury. Our focus has always been on crafting masterpieces that offer not only architectural brilliance but also a lifestyle that meets the highest standards of exclusivity and comfort," he says.
As Dubai continues to evolve as a global hub for high-net-worth individuals, the demand for ultra-luxury real estate has surged, with the $10 million+ segment standing as the ultimate expression of this evolution. OMNIYAT’s ability to consistently deliver on this demand with impeccable designs and exclusive offerings has established the company as the undisputed leader in the market.
A Vision for the Future
Looking ahead, OMNIYAT remains committed to pushing the boundaries of what is possible in ultra-luxury living. With several groundbreaking projects already in the pipeline, the developer is poised to continue setting industry standards and attracting the world's most discerning buyers.
As Dubai’s real estate market continues to capture the global spotlight, OMNIYAT Properties stands firmly at the forefront of this transformation. The company’s dedication to excellence and its ability to create unique, timeless living spaces ensure that its place as the leader in Dubai's ultra-luxury market is secure for years to come.
Source: constructionweekonline
