Leading luxury real estate developer DAMAC Properties has already awarded more than $760 million in construction contracts in the first five months of 2015.
As of March 31, 2015, DAMAC Properties has delivered almost 14,000 homes and has a development portfolio of over 37,000 units at various stages of progress and planning, including more than 10,000 hotel rooms and serviced hotel apartments under development, which will be managed by its hospitality arm, DAMAC Hotels & Resorts.
Their two master developments are AKOYA by DAMAC, which features the DAMAC towers by Paramount, and AKOYA Oxygen, in which the Trump World Golf Club Dubai, designed by Tiger Woods, is located.
“One of the key differentiators of DAMAC is bringing to Dubai any real estate need – we believe at DAMAC Properties we have a product for all our customers.” Niall McLoughlin, Senior Vice-President of DAMAC Properties, said.
The company recently announced their H1 financial results for 2015 with $2.3 billion of sales in the first six months, $1.3bn of revenue and $720m of net profit.
“What we are seeing now is a slowdown of the market – the behavioural pattern of a more matured real estate market,” he said.
“We are confident of the future of the real estate market. We anticipate single-figure price appreciation, which is indicative of any mature real estate market, whether it is in London, New York, Paris or Dubai,” he added.
More to come
Cityscape Global 2015, taking place on September 8-10 at Dubai World Trade Centre, is the largest and most influential real estate investment and development event for emerging markets globally, bringing together investors, developers, government officials and real estate professionals. DAMAC Properties looks forward to showcasing their latest products they have to offer to their customers and b2b partners at the event.
“We have some exciting new products; we can’t tell you about them just yet,” McLoughlin said.