DAMAC sells 300 luxury homes in Dubai in few hours

AKOYA

Who said that there is a global recession in real estate markets? Come to Dubai, where homes are selling like hot cakes. The latest report that luxury home developer DAMAC Properties' project to be launched was sold out in just few hours is testimony to this trend.

Nearly 300 luxury apartments in Loretto, which is located in Downtown AKOYA and overlooks a private park similar to Hyde Park or Central Park, were snapped up during a suhoor (a morning meal during Ramadan) taking place in six venues across the UAE recently.

More than 300 investors, from as far afield as the Kingdom of Saudi Arabia, Qatar, Kuwait, India, Pakistan, Russia and the CIS countries, flocked to venues throughout the country to capitalize on the strength and future growth of the Dubai real estate market, says a Albawaba report.

“Top end luxury living, in the right location, with the right developer, is proving to be as in demand as ever before,” said Ziad El Chaar, Managing Director, DAMAC Properties, adding, “The market remains bullish, with savvy investors from all over the world recognizing the intrinsic investment opportunities that are abound.”

“Despite the scaremongering to the contrary, the Dubai property market remains at the top of its game and is driving great value to smart buyers,” he added.

AKOYA by DAMAC, which was named as the best golf development in the world at the International Property Awards, remains one of the most sought-after developments in the region. Set around the Trump International Golf Club, Dubai, the luxury living experiences include branded villas and mansions by FENDI, Paramount Hotels & Resorts and The Trump Organisation.

The project, which will begin handing over units next year will be fully complete in 2018 and include hotels, hotel apartments, a 1.3km outdoor retail strip, private park, schools and hospitals.

Established in 2002, DAMAC Properties has delivered almost 10,000 units to date and currently has a development portfolio of over 25,000 units at various stages of progress and planning as of March 31st 2014.