Posted on: Friday 5 October, 2012 2:23
|Dubai's Damac completes first Abu Dhabi tower
Dubai-based developer Damac Properties has completed its first project in Abu Dhabi, it was announced on Tuesday.
The developer confirmed it had received completion certificates for the 24-storey Marina Bay tower on Al Reem island and has begun handing over units to owners.
“This is another big milestone for DAMAC Properties,” said Niall McLoughlin, senior vice president of Damac Properties. “Completing on our first project in Abu Dhabi is a big step for the company as we continue to expand our portfolio of completed projects across the GCC.”
“The current market situation creates an outstanding medium to long term strategy for investors. We have been delighted with the response and there remain just a few units left at Marina Bay, highlighting the demand for high quality luxury apartments and commercial locations in Abu Dhabi,” McLoughlin added.
Damac, which has projects in Dubai, Abu Dhabi, Saudi Arabia, Jordan, Lebanon, Qatar and Egypt, is due to complete its Burjside Boulevard project in Dubai in the first quarter of 2013, while the foundation raft of the Damac Tower in Beirut, Lebanon was completed last month.
While Dubai was one of the markets hardest hit by the regional downturn in the region’s real estate market, with prices slumping by nearly 60 percent, Damac said it saw encouraging growth during the first half of 2012.
Damac said in a statement that it was seeing strong interest from investors from Saudi Arabia, Russia and India who were "looking to Dubai for sound investments".
The latest report from global property consultancy Knight Frank, which tracks the top five percent of mainstream housing markets, showed that Dubai's market is continuing to see an upturn in real estate valuations in the luxury sector.
The increase in prices put Dubai in 12th position in the index out of 27 real estate markets around the world. "Serviced apartments are seeing the biggest growth,” McLoughlin said.