Damac nets $2.7bn from sale of Dubailand residential units
DUBAI, 2 days ago
Damac Properties, a leading luxury project developer, has achieved over AED10 billion ($2.72 billion) in sales in less than 10 hours, selling more than 3,100 units from the newly launched Damac Islands development.
This significant milestone underscores the strong demand for community living in Dubai. The project was launched in November with a unique and aggressive marketing & PR campaign making it one of the biggest launches of the developer.
It featured globally acclaimed celebrities and influencers including Bollywood megastar Amitabh Bachchan along with actors Ranveer Singh, Sara Ali Khan and acclaimed two times boxing champion Amir Khan as well as English professional football coach John Terry and Lebanese actress Nadine Njeim.
Hussain Sajwani, the Founder and Chairman of Damac Properties, said: "This unprecedented sales achievement reflects the market's confidence in Dubai, in our vision and the unique appeal of Damac Islands. We remain committed to delivering exceptional projects that meet the evolving needs of our clients."
Located in Dubailand, Damac Islands is the sixth master development in Damac's portfolio. Inspired by renowned island destinations, the project comprises six clusters - Maldives, Bora Bora, Seychelles, Hawaii, Bali, and Fiji.
In the course of 2023, Damac launched three master communities to its portfolio, addressing the rising demand for community living in the emirate.
With close to 250 million sq ft area of master community development, the developer brings its 20-year real estate expertise into offering enriching living experiences for a range of customer base.
Looking ahead to 2025, Sajwani said the market is expected to continue its upward trajectory, driven by infrastructure development and a focus on sustainability.
"The UAE economy is forecast to grow by 5.0% , sustaining growth in real estate markets. Dubai's real estate market has shown resilience and growth in 2024, with a notable surge in luxury property transactions," he stated.
"In the first half of 2024, the total value of real estate transactions crossed AED230 billion , an increase of more than 25% increase compared to the same period in 2023," he added.-TradeArabia News Service
