Dubai property market 'remains solid', says Damac chairman

Hussain Sajwani said he expects the property developer “to end 2016 in a more positive position”
Dubai property market 'remains solid', says Damac chairman
By Neil Halligan
Sun 14 Aug 2016 02:06 PM

Damac Properties chairman said the property market in Dubai “remains solid”, with healthy interest in its growing portfolio of luxury villas and apartments.

Hussain Sajwani, chairman of Damac Properties, speaking after the developer announced a 37 percent drop in its quarterly net profit - $241.4 million for the three months to June 30 - said he remained confident in the property market in Dubai, predicting that the second half of the year would be more positive for the company. 

“The Dubai market remains solid. The levels of interest in our new product launches and existing portfolio are healthy,” said Hussain Sajwani, chairman of Damac Properties.

In the first half of 2016, Damac added Aykon City to its portfolio of projects, a four-million-square-foot development comprising six towers, located on Sheikh Zayed Road and overlooking the Dubai Canal, and continues to introduce new concepts with its master developments; Akoya by Damac and Akoya Oxygen.

“We believe that Dubai is well positioned for continued growth, and we expect the city to consistently outperform more established metropolitan centres around the world,” Sajwani said.

“This outperformance is underpinned by a stringent and efficient regulatory framework stemming from the Government’s vision to create a sustainable city which enhances the experience of those living, working and visiting Dubai.”

Following a sold-out phase one, Damac recently announced a limited release in Ghalia, located in Jumeirah Village, during the holy month of Ramadan to target the growing halal tourism sector.

With construction already underway, Ghalia offers the first certified Sharia-compliant serviced hotel apartments and will be operated by Damac Hotels & Resorts, the hospitality arm of DAMAC Properties. The 38-storey tower in Jumeirah Village will comprise 742 keys, with furnished units ranging from studio, one-, two- and three-bedroom apartments.

“At Damac, we have established ourselves as a market leader firmly positioned in the luxury real estate sector,” Sajwani said.

“Adding to this business model that is focused on returns and sales channel innovation, we have powerful differentiators that will support a continued pipeline of unique products with a range of properties and offers to address most sub-segments of our target customers. With the first half of 2016 behind us, we are more optimistic today about the business and expect to end 2016 in a more positive position.”

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