During the first six months of 2016 Damac Properties spent USD 816 million on new projects

Dubai developers not inclined to slow down the pace of construction in 2016.

One of the three major master developers of Dubai Damac Properties has awarded a number of new real estate contracts to contractors worth a total of USD 816 million (AED 3 billion) during first six months of the year. This suggests that Dubai is not going to damper overall construction scope in the fields of residential and commercial real estate, experts say.

The total sum indicated above includes major contracts — for construction of a 2,678 luxury villas cluster in the popular high-level residential community Akoya Oxygen in Dubai, as well as a package of contracts for apartment buildings construction in the golf-oriented Carson - The Drive in the Akoya by Damac .

The design of a golf course and several new residential clusters in Akoya Oxygen is reported to be completed now, and work at some sites has already begun. And a golf course in Akoya by Damac complex is now taking quite a complete shape, while 766 new luxury villas are prepared for handover.

In total, as of March this year, Damac Properties has built 15,800 residential units in Dubai, including approximately 2,000 hotel rooms.

Damac Properties Managing Director, Ziad El Chaar called this period of time “a very exciting time to be part of the Dubai real estate market resurgence as we look forward to working with top-notch contractors and consultants to ensure the delivery of our projects," in order to create the basis for the Emirates’ future prosperity.

As imexre.com has previously reported, this year many Dubai developers have chosen a strategy to reduce a number of new launches, so as not to oversupply the market and not to create speculative demand dimming the real picture. However, all that fits into the framework of real demand will be built without any restrictions, experts say.

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