Luxury developer Damac Properties has launched a new scheme under which it offers a 24 per cent rental guarantee on selected units in Dubai, thus providing peace of mind to investors looking to capitalise on attractive prices in the Dubai real estate market.

The projects included within the scheme are selected villas at Akoya Oxygen and Akoya by Damac master developments, Damac Towers by Paramount Hotels & Resorts (A, B and D), NAIA Ghalia, Damac Maison Majestine, Merano Tower, Paramount Tower Hotel & Residences, Damac Maison Privé (A and B), and NAIA Vantage.

Owners will be able to receive eight percent a year returns for the first three years following the handover of the units, said a senior official.

“We strongly believe that Dubai is set for stable growth in the medium term and we are backing that up by offering a 24 per cent rental guarantee to give reassurance to buyers,” remarked Niall McLoughlin, the senior VP at Damac Properties.

“Eight per cent a year return for three years is at the top end of any real estate market in the world and we are the only luxury developer in Dubai currently offering such a secure investment proposition,” he said.

“We have seen quite a bit of scaremongering in the market in recent months which can have a detrimental effect on sentiment in the market," stated McLoughlin, citing some reports.

While some recent reports have pointed to a softening in the market, Knight Frank’s The Hub reports showed that a $3 million investment in Dubai real estate would be worth $4.8 million in today’s market – more than any other global city including London, Paris, New York, Hong Kong, Singapore and Sydney, he added.

"By providing such a high, tax-free offering on our units, we are putting our head above the rest and underwriting any fluctuations that may occur down the line,” observed McLoughlin.

“When you also factor in the potential for capital growth, I don’t know of a better, more secure investment opportunity anywhere,” he added.-TradeArabia News Service