12/09/2017 08:24 AST

Dubai’s maturing property sector is entering a new cycle of growth thanks to positive economic indicators as well as the increasing size and volume of new projects being announced across the UAE, said Damac Properties chairman Hussain Sajwani.

Damac’s first-half year sales performance, the continuing recovery of global economies through GDP growth indicators, as well as increasing interest by international property buyers for Dubai properties all contribute to Sajwani’s confident outlook for the rest of the year and in 2018.

Sajwani was speaking following a visit to Cityscape Global, the region’s biggest property event which opened today. Damac has a significant presence at the expo with a 528 sq m stand.

“The property sector, like any other industry, is cyclical in nature and will fluctuate in response to regional and global economic conditions and factors. As I have said before, these cycles will continue as Dubai’s property sector matures, and I believe that we are at the beginning of a new cycle of growth thanks to positive economic indicators as well as the increasing size and volume of new projects being announced across the UAE. These are very exciting times for the sector,” said Sajwani.

According to data from Dubai Land Department, 17,800 units were sold in Dubai in the first-half of 2017 with a total value of Dh23.989 billion, a 20 per cent increase in volume over the same period last year and a 26 per cent increase in value (Dh19.013 billion for H1 2016).

Damac’s sales performance also saw a strong increase when it recently announced its financial results for the first half of 2017, indicating a 10 per cent increase in booked sales over the same period last year to Dh4 billion. It also announced first-half 2017 delivery of 1,071 units at its Damac Hills master development, bringing the total number of units delivered there to 3,185.

Sajwani also welcomed the decision by Cityscape Global organisers and Dubai Land Department to allow onsite sales at this year’s event as a positive step to help boost property sector growth.

“As the property market in the UAE continues to evolve to meet changing customer needs, it becomes crucial that the sector’s regulatory authorities are able to react swiftly to allow the industry to capitalise on the immediate opportunities of the market. Cityscape Global has become a recognised platform that brings buyers and sellers together, so it is important that the investment each side makes to be there provides value and ROI. The decision to allows sales this year demonstrates the flexibility of the regulatory bodies to react to market opportunities and the UAE leadership’s vision for ongoing sector growth.”

Damac showcased its latest projects at show including an extensive range of bespoke villas, luxury apartments, hotel apartments, hotel villas and serviced apartments from its developments across Dubai.

Trade Arabia

Damac Maison Royale The Distinction opens in Dubai


Damac Hotels & Resorts, the hospitality arm of Damac Properties, has announced the official launch of the luxurious Damac Maison Royale The Distinction, comprising well-appointed hotel apartments in

Trade Arabia

Damac awards $952m GCC project contracts


Damac Properties, a leading luxury real estate developer in the Middle East region, has awarded more than 370 contracts worth Dh3.5 billion ($952 million) since January this year.

The cont

Trade Arabia

Damac to offer luxurious Just Cavalli villas


Damac Properties, a leading luxury real estate developer in the region, has announced a collaboration top fashion brand Roberto Cavalli Group to launch the world’s first villas to feature interiors w

Trade Arabia

Ticker Price Volume
QNBK 123.30 103,897
MMG 0.00 0
BURUJ 34.50 110,831
SABIC 100.87 2,504,855
ARNB 24.06 13,626
EEC 17.29 463,643
NAMA 21.93 1,439,725
DAMAC Sector Market
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
ARTC 2.93 -0.01 (-0.35%)
EMAAR 8.80 -0.11 (-1.24%)
EMAARMALLS 2.40 0.00 (0.00%)
UPP 0.84 -0.01 (-1.64%)
DEYAAR 0.50 -0.01 (-1.38%)
KHC sells interest in Four Seasons Resort Langkawi in $90m deal


Kingdom Holding Company (KHC) chaired by Prince Alwaleed bin Talal, recently announced that it has successfully sold its 90 percent interest in the Four Seasons Resort Langkawi, Malaysia to Leisure V

Arab News

TAQA controlled Oman's Sohar Aluminium gradually restarting production


Oman’s Sohar Aluminium said on Wednesday it gradually restarted production on Friday after an interruption in August, and was working to return to full production as soon as possible. “Sohar Alumi


Banque Saudi Fransi announces the Resignation of a Board Member


Banque Saudi Fransi announces that BSF Board Member, Mr. Francois Jean MARION (non executive) has resigned from the Board of Directors on 20/9/2017 for personal reasons. Mr. MARION resignat


STC announcement regarding its mobile frequency licenses


Reference to the announcement of the Saudi Telecommunications Company published on Tadawul website on 13/9/1438 H corresponding to 8/6/2017AD regarding obtaining the notification by the Communication


Emirates NBD most trusted lender in UAE


Emirates NBD, Dubai’s biggest bank by assets, is the most trusted local lender in the UAE and has the most loyal customers, according to a survey by Brand Finance Banking.

Bank clients su

The National