'Sales strong due to foreign buyers'

Sales hit AED2.8 billion ($762 million) in the first three months, Damac chief Ziad El Chaar said.

Dubai developer Damac Properties posted strong property sales in the first quarter thanks to robust demand from foreign buyers, its managing director told Reuters.

Sales hit AED2.8 billion ($762 million) in the first three months, Ziad El Chaar said. He said sales in the first quarter of this year were higher than the fourth quarter of 2014.

Chaar said the momentum in the property market was being driven by foreign buyers, both those living in Dubai and abroad. He said the emirate's lack of taxes on inheritance, rental income and capital gains was attracting interest.

"Q4 is usually our strongest quarter, so to be able to do more in Q1 gives us a good boost for the rest of the year," he said.

Damac is Dubai's No.2 listed developer by market value. It has three main projects - the Akoya and Akoya Oxygen residential and retail complexes plus developments in the Downtown Dubai area near Burj Khalifa, the world's tallest tower - which together account for four-fifths of its planned units.

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