Dubai property market ‘continues to show growth’, says Damac’s Sajwani
Dubai developer booked $2bn worth of sales during 2017, and delivered over 20,000 properties
Dubai’s property market continues to show signs of growth with increasing demand returning to the market, according to Damac Properties chairman.
The luxury developer reported a net profit of $762 million in its yearly profits announced earlier today (a drop of 25% on last year), which was based on sales worth $2 billion (AED7.5bn) during the year.
“Our medium to long term outlook remains positive, with continued local demand as well and stronger interest by international investors. Our major projects in Dubai including Damac Hills, Akoya Oxygen and Aykon City continue to appeal to expats and international investors alike, while our diverse product portfolio continues to attract a wide variety of buyers for our off-plan and ready properties,” he added.
Damac delivered 20,236 units as of December 31 2017, which it described as “a milestone for the company and the industry as a whole.”
Construction continues on over 6,500 villas, apartments at Akoya Oxygen, along with its golf course, and community infrastructure. The community’s amenities, including wellbeing facilities, retail outlets, as well as hospitality, food and beverage elements, are in various stages of planning and progress.
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