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.

India property show begins in Dubai on May 16

Dubai: The tenth edition of India Homes Fair will be held here from May 16-18 in Dubai.

Over 50 top developers from across India will be participating in the three-day fair, which is being organised  exclusively for the Non Resident Indian (NRI) community, a PTI report said.

Customers can choose properties from several projects that will be on display with varying options ranging from flats, apartments, row houses, plots and villas ranging from two million rupees to premium properties of up to 15 crores and sizes ranging between 700 sq ft to over 10000 sq ft.

 

India's housing finance company HDFC is also showcasing over 60,000 flats from across India at the exhibition.

"This is an interesting time for the NRI community to invest in the Indian real estate marketplace. Property buyers overseas normally have to address two key questions one is when to buy and the track record of the developer," Ajay Sachdewa, Regional Head, Dubai & Gulf Cooperation Council (GCC), said.

The Gulf Cooperation Council includes six countries- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE.

"The interest rates are expected to be reduced this year and since over 80 per cent of the people opt for floating rates, they will stand to benefit from the falling interest rates. NRIs can avail a maximum loan of 80 per cent of the cost of the property and opt from amongst a full suite of flexible repayment options," said Sachdeva.