Damac sees Cityscape as catalyst for sector growth

17/08/2017 05:54 AST

Damac Properties, a leading luxury real estate developer in the region, 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 is being held from 11 - 13 September 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 Mc Loughlin, 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 (DLD) reporting Dhs132 billion in property transactions in the first half of the year, a notable gain over the same period last year which saw Dhs113 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."

As it continues to expand its portfolio of properties in the UAE and globally, Damac will have a significant presence at this year's Cityscape global with a 528 square meter stand which will showcase its extensive range of bespoke villas, luxury apartments, hotel apartments, hotel villas and serviced apartments from its developments across Dubai. The company will announce several new projects, as well as a number of new villa concepts targeting families and end users.

On Monday, Damac announced its first-half 2017 financial results which included Dhs4 billion in booked sales and net profit of Dhs1.6 billion. Damac 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 over 3,100.

Damac has delivered more than 18,500 homes and has over 44,000 units in various stages of development. The Company's footprint extends across the Middle East with major projects in the UAE, Saudi Arabia, Jordan, Lebanon, United Kingdom and Oman.

The Gulf Today