Sep 13 2012 |
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Benefitting from Dubai's Real Estate Resurgence
Value Properties Offering Sound Investment
With reports in the past month from the likes of Jones Lang LaSalle, Knight Frank and Dubai Department of Economic Development suggesting apartment prices growing up to 10 percent a quarter and land sales reporting the highest number of transactions ever, is there still opportunity in the market or have you missed the boat?
"There is a raft of properties coming on the market at a more affordable price for the middle management professionals. They are being built along Al Khail Road and in IMPZ, where the infrastructure is yet to fully develop," said Niall McLoughlin, Senior Vice President, DAMAC Properties .
Bank of America Merrill Lynch recently released its medium-term outlook report, "GCC 2020" which predicts that a 'diversified economy, continued population growth and superior infrastructure investment' in the UAE will have positive impact on Dubai's retail, hospitality and real estate market.
"Properties in IMPZ and Jumeirah Village Circle, for example, still have the same outstanding quality of finish and facilities that our clients have come to expect from DAMAC Properties ," added McLoughlin. "It is simply that these areas are awaiting the final infrastructure which will bring these new areas of Dubai to the fore."
Lago Vista is a three tower development set in a graceful crescent-shaped portico. Each comes complete with access to a swimming pool, Jacuzzi and tennis courts. Retail outlets are available from the ground floor.
Emirates Gardens 2 has a state of the art health club, swimming pool, private parking and retail & restaurants.
"Investors benefit from all of the added facilities, plus great finishing at a fraction of the cost in other areas of Dubai. We are also seeing rental returns of between 8 - 10% in some of these apartments, which is driving value well above like for like properties in the same location."
The UAE is the most confident country in the Middle East and sixth on a global scale, according to a recent Nielsen survey as valuations growth in the property market, the working environment remains strong and the country retains a tax-free policy, encouraging overseas investment.
This is supported by a report from the Dubai Statistics Centre which said that Dubai's economy gained around AED 10 billion last year to reach AED 306.2 billion.
"Dubai's property market is still in its infancy. As the emirate grows into an international powerhouse, linking trade between the east and the west, valuations and rental returns are only set to increase further as further infrastructural enhancements come on line. There has not been a better time to invest in Dubai in the past four years," concluded McLoughlin.
DAMAC Properties now has 36 buildings delivered, with 7,374 units. A further 50 developments are underway and at various stages of construction. Once complete this will add a further 9,849 units to the portfolio.
Further information is available at www.damacproperties.com
DAMAC Properties was established in 2002, as a private residential, leisure and commercial developer in Dubai and the Middle East. Since then, DAMAC Properties has expanded rapidly into North Africa, Jordan, Lebanon, Qatar and Saudi Arabia.
DAMAC Properties has completed 36 buildings to date with 7,374 units and spanning 13,132,484.00 sq feet with projects in Dubai such as The Crescent and Lago Vista at IMPZ, Executive Heights and Smart Heights in TECOM, Park Towers in the DIFC, Lake View and Lake Terrace at Jumeirah Lake Towers, Business Tower and XL Tower at Business Bay, Emirates Gardens and Tuscan Residences in Jumeirah Village and Ocean Heights, The Waves and Marina Terrace at the Dubai Marina.
DAMAC Properties also has a further 50 buildings at various stages of progress across the Middle East, North Africa region. These consist of 9,849 units, spanning 16,886,151.00 sq feet.
In June 2010, DAMAC Properties further reinforced its position as a premium developer with the launch of DAMAC Tower in Beirut, Lebanon. A 28 storey iconic tower, this project is in association with Italian design group, VERSACE, with all interiors being designed by Versace Home. This was followed by the DAMAC Residences with Interiors by Versace Home, launched in Jeddah, Saudi Arabia in June 2011.
The company's projects are located in the most desirable and exclusive locations and are built to the highest quality specification that has become synonymous with the group. DAMAC Properties ' develop projects that include residential, commercial and leisure facilities that create an integrated community.
In addition to support services provided by the Dubai headquarters, the company's comprehensive Customer Care Program provides solutions through its vast network with offices in the UAE, Jordan, Lebanon, Egypt, KSA and Qatar.
Further information is available at www.damacproperties.com
For more information please contact: Niall McLoughlin, Senior Vice President - Corporate Communications, DAMAC. Tel: +971 4 04 3732190 │ Fax: 00 9714 3732335 │Mobile +971 50 6531824. emaiI: niall.mcloughlin@damacgroup.com
Liam Turner / Tameem Alkintar, ASDA'A Burson-Marsteller, Dubai, UAE
Tel: 971-4-4507600 │Fax: 971-4-4358040 │Email: liam.turner@bm.com / tameem.alkintar@bm.com
© Press Release 2012
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