DAMAC Properties, a leading luxury real estate developer in the region, announced that its hotel apartment projects in New Dubai and Dubai South are more than 80 percent sold out. Demand continues to rise for its hotel apartment projects as Expo 2020 nears and investors look to secure units ahead of the surge in visitors. A small number of units remain across the four projects which include ready-to-move-in and off-plan units.
“As construction ramps up in preparation for Expo 2020, it is no surprise that investors are looking for real estate in this district to reap the highest rental yields early before demand drives prices up,” said Niall McLoughlin, Senior Vice President at DAMAC. “Dubai continues to expand so investors and end-users are increasingly attracted to the proposition of living in new, affordable communities that offer the same amenities available in busy metropolitan areas. We have noticed a marked increase in enquiries and sales transactions for these projects.”
Situated in close proximity to the site of Expo 2020, DAMAC Maison de Ville Tenora is DAMAC’s first project to be completed in Dubai South, with ready hotel apartment units being snapped up by investors and end-users. Also at Dubai South, DAMAC Maison de Ville Celestia is an off-plan hotel apartment development with expected delivery in 2018. DAMAC also has two hotel apartment towers in Jumeirah Village Circle, Tower 108 and Ghalia, which are also due for completion in 2018.
Construction on the multi-tower complex, DAMAC Maison de Ville Celestia is at an advanced stage of completion with building works at nearly 90 percent complete. Similarly, Ghalia and Tower 108, are progressing with block, plastering and internal works at varying stages of completion along with mechanical, electrical and plumbing works.
“As we near Expo 2020, sales and rental prices of units in Dubai South and the surrounding areas are likely to increase due to the rising demand by tourists and business visitors. It is expected that Dubai South will house one million residents and employ more than 500,000. When coupled with the anticipated 20 million visitors likely to come through Dubai in 2020, residential and hospitality units in this area will continue to be in demand,” continued McLoughlin.