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Dubai’s DAMAC Properties has opened a new sales office in Beijing to target “super-rich” Chinese investors.
The developer had announced plans to enter the Chinese market in December 2023.
More than 20 percent of Chinese millionaires are planning to visit the Middle East in 2024 and consumers have accumulated capital to invest in international real estate, Michael Long, CEO, Senturion Real Estate, said in the statement, quoting a 2023 report by consulting firm Agility
In addition, DAMAC opened a new office in Singapore as part of its Asia-Pacific (APAC) expansion.
The developer’s total portfolio comprises over 75 towers in 12 cities, including Dubai, London, Toronto and Riyadh.
“Dubai’s property market and the city continue to be attractive for investors and residents from Singapore and across APAC,” said Anson Tay, Managing Partner, SRI.
(Writing by P Deol; Editing by Anoop Menon)
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