As the biggest private developer in Dubai, Damac Properties claimed on Thursday that it sold more than Dh10 billion worth of apartments in less than ten hours, capping off 2024 on a high note and providing investors with great confidence for the following year.
The developer sold 3,100 homes in Damac Islands since its opening last month. Islands is the developer’s sixth master development in Dubailand. The initiative’s six clusters are the Maldives, Bora Bora, Seychelles, Hawaii, Bali, and Fiji.
“This unprecedented sales achievement reflects the market’s confidence in Dubai. We remain committed to delivering exceptional projects that meet the evolving needs of our clients,” said Hussain Sajwani, founder and chairman of Damac Properties.
Large developers have sold their apartments in hours due to the extraordinary demand from end users and high-net-worth individuals, while smaller and newer developers sold their units in days or weeks. This shows that the emirate’s real estate market is highly trusted.
Compared to its international counterparts, including London, New York, Hong Kong, and others, Dubai’s residential real estate market is still significantly less expensive.
The market is anticipated to maintain its upward trajectory through 2025, propelled by the development of infrastructure and an emphasis on sustainability.
In 2024, Dubai’s real estate market has proven resilient and growing, with a substantial uptick in sales of luxury real estate.