The starting prices for Dubai’s ultra-luxury properties have doubled

The baseline prices of Dubai’s uber-luxury properties have more than doubled since the COVID-19 pandemic. This remarkable increase in rates highlights the emirate’s thriving real estate market. According to the CEO of OMNIYAT, Dubai’s property prices are still lower compared to some of the world’s most popular cities.

Mahdi Amjad stated that the base prices of uber-luxury properties have easily doubled over the last 3 years. Despite the substantial increase in price per sq. ft, Dubai remains 20% cheaper than London, 33% cheaper than New York, and 25% cheaper than Singapore. This significant difference presents a tremendous opportunity for growth in the real estate sector.

During the pandemic, ultra-luxury units were listed at around AED 18.4M (USD 5M) per unit, but now they are listed above AED 36.7M (USD 10M). Amjad further expressed his belief that in the next 10 years, Dubai’s property prices could potentially match those of any other capital city in the world. He emphasised that Dubai has everything it takes to compete with major capital cities worldwide.

OMNIYAT, an ultra-luxury property developer, has experienced significant growth in its portfolio. Valued at AED 18.4B (USD 5B) in 2021, the company’s portfolio doubled to AED 36.7B (USD 10B) in 2023 and is expected to reach AED 55B (USD 15B) by 2025.

Their focus is primarily on Palm Jumeirah and Business Bay, where they plan to deliver 38 units this year, all priced at AED 36.7M (USD 10M) or higher. Amjad also noted a surprising growth in the number of international buyers, particularly from Western Europe and Asia, indicating the global appeal of Dubai’s real estate market.

The chairman of OMNIYAT believes that Dubai will set the benchmark for uber luxury units in the coming years. Despite acknowledging that 2023 was an exceptional year for growth, he expressed confidence in Dubai’s sustainable position in the uber-luxury segment. He predicts that Dubai will continue to lead the global market in uber luxury properties in 2024. As the company looks ahead, they plan to raise funds through various avenues, including bonds. Additionally, they are exploring opportunities to create larger projects, starting from mini master plans.

In summary, Dubai’s real estate market has witnessed a remarkable increase in property prices, particularly in the uber-luxury segment. Despite the significant price growth, the emirate remains more affordable than other major cities. OMNIYAT, a leading developer, has experienced substantial portfolio growth and aims to continue setting new standards for luxury living.