Damac chairman optimistic on Dubai property sector

12/09/2017 08:24 AST

Dubai's maturing property sector is entering a new cycle of growth thanks to positive economic indicators as well as the increasing size and volume of new projects being announced across the UAE, said Damac Properties chairman Hussain Sajwani.

Damac's first-half year sales performance, the continuing recovery of global economies through GDP growth indicators, as well as increasing interest by international property buyers for Dubai properties all contribute to Sajwani's confident outlook for the rest of the year and in 2018.

Sajwani was speaking following a visit to Cityscape Global, the region's biggest property event which opened today. Damac has a significant presence at the expo with a 528 sq m stand.

"The property sector, like any other industry, is cyclical in nature and will fluctuate in response to regional and global economic conditions and factors. As I have said before, these cycles will continue as Dubai's property sector matures, and I believe that we are at the beginning of a new cycle of growth thanks to positive economic indicators as well as the increasing size and volume of new projects being announced across the UAE. These are very exciting times for the sector," said Sajwani.

According to data from Dubai Land Department, 17,800 units were sold in Dubai in the first-half of 2017 with a total value of Dh23.989 billion, a 20 per cent increase in volume over the same period last year and a 26 per cent increase in value (Dh19.013 billion for H1 2016).

Damac's sales performance also saw a strong increase when it recently announced its financial results for the first half of 2017, indicating a 10 per cent increase in booked sales over the same period last year to Dh4 billion. It also announced first-half 2017 delivery of 1,071 units at its Damac Hills master development, bringing the total number of units delivered there to 3,185.

Sajwani also welcomed the decision by Cityscape Global organisers and Dubai Land Department to allow onsite sales at this year's event as a positive step to help boost property sector growth.

"As the property market in the UAE continues to evolve to meet changing customer needs, it becomes crucial that the sector's regulatory authorities are able to react swiftly to allow the industry to capitalise on the immediate opportunities of the market. Cityscape Global has become a recognised platform that brings buyers and sellers together, so it is important that the investment each side makes to be there provides value and ROI. The decision to allows sales this year demonstrates the flexibility of the regulatory bodies to react to market opportunities and the UAE leadership's vision for ongoing sector growth."

Damac showcased its latest projects at show including an extensive range of bespoke villas, luxury apartments, hotel apartments, hotel villas and serviced apartments from its developments across Dubai.

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