In a groundbreaking accomplishment for Dubai's luxury real estate market, DAMAC Islands, an exclusive development by AX Premium Properties, has achieved a new milestone by selling Dh10 billion worth of villas in just eight hours. The unprecedented sales event witnessed the sale of 3,065 units, reflecting the growing demand for high-end properties in the emirate.

Following this remarkable success, preparations for the subsequent phases of DAMAC Islands are already in motion, aiming to meet the exceptional demand. DAMAC Islands offers a unique luxury living experience inspired by tropical paradises such as the Maldives, Bora Bora, and Seychelles. The development features exclusive villas with private beaches, a waterfall lagoon, a jungle river, and stunning waterfront views, designed to provide a distinctive lifestyle for those seeking privacy, comfort, and sophistication.

The year 2024 has seen significant growth in Dubai's real estate sector, fueled by both foreign and domestic investors. Nadeem Sufy, CEO of AX Premium Properties, emphasized Dubai's appeal to high-net-worth individuals from countries like the US, UK, and India. He attributed the city's safety, lucrative investment prospects, and luxurious lifestyle as primary factors attracting these discerning buyers.

The UAE government's long-term real estate strategy aims to increase property transactions to Dh1 trillion ($273 billion) by 2033, highlighting the sector's strong potential. Key market highlights include over AED 376 billion in real estate investments during the first nine months of 2024, 20,460 sales transactions in October, reflecting a 13 percent increase from September, and 48 new projects launched in October, adding 15,000 units to the market.

Notable transactions include the record sale of a penthouse at Como Residences for Dh500 million, one of the highest-value deals in Dubai's history. Additionally, Nakheel's Palm Jabal Ali project has been highly successful, with the first four fronds of beachfront villas and mansions sold out by November 2024. More waterfront property investment opportunities are expected to be announced in the coming months.

For further details, visit www.axproperty.com.

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