Damac Properties said on Thursday that it sold over Dh10 billion worth of properties in less than 10 hours, ending 2024 on a very high note for the most significant private developer in Dubai and giving strong confidence to investors about next year.
Project Details: Damac Islands
The developer sold 3,100 Damac Islands units, which were launched last month. Islands, the developer’s sixth master development, is situated in Dubailand. The Maldives, Bora Bora, Seychelles, Hawaii, Bali, and Fiji are the six clusters that make up the initiative.
Leadership Perspective
“This unprecedented sales achievement reflects the market’s confidence in Dubai. We remain committed to delivering exceptional projects that meet the evolving needs of our clients,” said Hussain Sajwani, founder and chairman of Damac Properties.
Market Dynamics and Investor Confidence
Large developers have sold their apartments in hours due to the extraordinary demand from end users and high-net-worth individuals, while smaller and newer developers sold their units in days or weeks. This shows that the emirate’s real estate market is highly trusted.
Global Competitive Positioning
Dubai’s residential real estate market is still significantly less expensive compared to its international counterparts, including London, New York, Hong Kong, and others.
Future Outlook for 2025
The market is anticipated to maintain its upward trajectory through 2025, propelled by infrastructure development and an emphasis on sustainability.
Also Read: Sharjah real estate transactions hit $1.1bn in November
Market Performance in 2024
In 2024, Dubai’s real estate market has proven resilient and growing, with a substantial uptick in luxury real estate sales.
