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| 17 August, 2017

Onsite sales at Cityscape to boost property sector

Visitors tour the Cityscape real estate exhibition in Dubai October 2, 2012. REUTERS/Ahmed Jadallah

Visitors tour the Cityscape real estate exhibition in Dubai October 2, 2012. REUTERS/Ahmed Jadallah

Move to drive sector growth, both locally and internationally: Damac Properties



Luxury real estate developer Damac Properties sees the decision to allow onsite sales at this year's Cityscape Global 2017 as a positive step to help boost property sector growth.

The 16th Cityscape Global 2017 conference and exhibition will be held from September 11-13 in Dubai, and is the region's meeting point for the real estate market and one of the largest industry events globally.

"For the first time, Cityscape Global will be allowing onsite property sales which we believe is a strong indication of the important role this event plays in driving sector growth locally and internationally," said Niall McLoughlin, senior vice-president at Damac.

"In Dubai, we are seeing positive demand for our residential and hotel apartment properties, and this is in line with the recent announcement by the Dubai Land Department reporting Dh132 billion in property transactions in the first half of the year, a notable gain over the same period last year that saw Dh113 billon. We applaud this decision which not only increases interest and footfall by visitors, it also ushers in a new era of growth in Dubai's evolving property market."

On Monday, Damac announced its first-half 2017 financial results which included Dh4 billion in booked sales and net profit of Dh1.6 billion. It also announced first-half 2017 delivery of 1,071 units at its Damac Hills master development.

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