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Dubai: Dh10 billion worth of properties sold in just 10 hours, says top developer
The developer sold 3,100 units of Damac Islands, which was launched last month
- PUBLISHED: Thu 12 Dec 2024, 7:18 PM UPDATED: Thu 12 Dec 2024, 8:45 PM
Damac Properties on Thursday said it sold over Dh10 billion worth of properties in less than 10 hours, ending 2024 on a very high note for the largest private developer in Dubai and giving strong confidence to investors about next year.
The developer sold 3,100 units of Damac Islands, which was launched last month. Located in Dubailand, Islands is the sixth master development in the developer. The project comprises six clusters – Maldives, Bora Bora, Seychelles, Hawaii, Bali, and Fiji.
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“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.
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Due to unprecedented demand from high-net-worth individuals and end-users, large developers have managed to sell their properties in hours while smaller and new developers sold their units in days and weeks, reflecting strong trust and confidence in the emirate's real estate market.
Dubai's residential property market is still much cheaper than its global peers such as London, New York, Hong Kong and others.
Looking ahead to 2025, the market is expected to continue its upward trajectory, driven by infrastructure development and a focus on sustainability.
Dubai's real estate market has shown resilience and growth in 2024, with a notable surge in luxury property transactions.
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