Logo
  • Order call
  • Call management

Property type
No. of bedrooms
Area
Show offers

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

27.06.2016
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.

Latest Availability
SALE
730,000
Ref.No: AP165
Studio Apt
630 ft2
1,159 AED/ft2
SALE
2,350,000
Ref.No: AP670
1BR Apt
1,308 ft2
0 AED/ft2
SALE
625,000
Ref.No: OF93
Office
630 ft2
0 AED/ft2
Latest property news
Send us an enquiry or request a call back
Your name *
Phone
E-mail *
Your message *
*- indicates required
Request a call back
SOGA1  SOGA2
Call management
SOGA1  SOGA2
Lease process (Rent out)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.
Real estate search.

Up to 5 days

Real estate search.

Selection of optimal options.

Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Property Selection

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Customer charges:
  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration
Additional services:

Property management

Sales Process
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
Contract of the owner and agency

1 hour

Contract of the owner and agency
Rendering of management services

1 year

Rendering of management services
Reporting

1 day

Reporting
Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Selection of optimal investment options

From 3 days

Selection of optimal investment options
Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Expenses of the investor:
  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration
Additional services:

Property management