Dubai’s real estate industry giant Damac said its Q3 profit was USD 277.7 million, which is 45% higher than in the previous quarter.
Damac’s revenue and profit gains indirectly indicate an increase in buyers’ activity and overall industry revival, which would lead to a new uplift in Dubai property market in the middle of next year, Damac said in a statement.
In 2015, Dubai property market has continued to stabilize and mature. Despite some recession processes, marked in the beginning of the year, it is a natural progression for any developing market which ensures long-term sustainability, Hussain Sajwani, chairman of Damac, said.
He added: "We believe Dubai is well set for continued growth, and we expect the city will consistently outperform more established metropolitan centres around the world. This outperformance is underpinned by a stringent and efficient regulatory framework which supports the Government’s vision to create a sustainable city which enhances the experience for those living, working and visiting Dubai.”
Damac is responsible for a large number of new property projects, currently under construction in Dubai. The company specializes in the luxury housing segment, including villas, townhouses in the popular Akoya development, which has already become one of the most significant projects of low-rise buildings construction in Dubai. Also this year, the developer has launched important projects such as the exclusive ETTORE 971 villas complex, designed together with the famous Bughatti car brand and having a kind of a “showroom” for a sports car located in the center of the house as its main feature. Another joint venture with Paramount brand gave Damac Towers by Paramount, which Damac is up to deliver as soon as in the fourth quarter of 2016.