Image used for illustrative purposes. Photo: File
Damac Properties announced on Thursday that it sold over Dh10 billion worth of properties within less than 10 hours, marking a significant milestone for the largest private developer in Dubai and boosting investor confidence for the coming year. The developer successfully sold 3,100 units of Damac Islands, a project launched last month. Situated in Dubailand, Damac Islands represents the sixth master development by the company. The project is divided into six clusters: Maldives, Bora Bora, Seychelles, Hawaii, Bali, and Fiji.
"This remarkable sales achievement underscores the market's trust in Dubai. We are dedicated to delivering outstanding projects that cater to the changing requirements of our clients," stated Hussain Sajwani, founder and chairman of Damac Properties. Due to overwhelming demand from high-net-worth individuals and end-users, major developers have been able to sell their properties in a matter of hours, while smaller and newer developers have taken days or weeks, highlighting the strong faith in Dubai's real estate sector.
Dubai's residential property market remains more affordable compared to global counterparts such as London, New York, Hong Kong, and others. As the market looks forward to 2025, it is anticipated to maintain its upward trend, fueled by advancements in infrastructure and a commitment to sustainability. In 2024, Dubai's real estate market demonstrated resilience and growth, particularly in the luxury property segment.
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