In less than ten hours, Damac Properties, the largest private developer in Dubai, claimed to have sold over Dh10 billion worth of properties, ending off 2024 on a high note and giving investors a lot of optimism for the year ahead.
Since its launch last month, the developer has sold 3,100 properties in Damac Islands. The developer’s sixth master development in Dubailand is called Islands. The Maldives, Bora Bora, Seychelles, Hawaii, Bali, and Fiji are the six clusters of the effort.
“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.
Due to the exceptional demand from end users and high-net-worth individuals, large developers have sold their flats in a matter of hours, whereas smaller and more recent developers have sold their units in a matter of days or weeks. This demonstrates the high level of trust in the emirate’s real estate market.
Dubai’s residential real estate market is still far less expensive than its worldwide competitors, such as London, New York, Hong Kong, and others.
It is projected that the market will continue to grow through 2025, driven by the expansion of infrastructure and a focus on sustainability.
With a notable increase in sales of luxury real estate, Dubai’s real estate industry has shown itself to be robust and expanding in 2024.
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