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 issues enabling works tender for its Vera Residences


Damac Properties has issued a new tender for enabling works on its Vera Residences, a luxurious 30-storey tower in the heart of Business Bay, with elegantly appointed interiors, world-class amenities

The Gulf Today

Damac issues tender for new Aykon City tower


Dubai-based Damac Properties has issued a new tender for main works for a second tower at its six-tower luxury master development, Aykon City, on Sheikh Zayed Road overlooking Dubai Canal.

Trade Arabia

Damac awards Dhs424m construction contract


Damac Properties has awarded another construction contract worth Dhs424 million to Arabtec to build additional villas in AKOYA Oxygen. EFECO (Emirates Falcon Electromechanical Co.), a subsidiary of A

The Gulf Today

Ticker Price Volume
QNBK 135.00 120,132
EACCO 25.57 46,308
QIMD 41.00 2,651
SABIC 112.76 5,780,764
STC 81.81 724,186
SAFCO 70.71 258,598
ALMARAI 54.43 842,171
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
EMAAR 5.89 -0.18 (-2.97%)
EMAARMALLS 2.15 -0.07 (-3.16%)
EMAARDEV 5.30 -0.16 (-2.94%)
UPP 0.87 -0.01 (-1.03%)
ARTC 2.30 -0.08 (-3.37%)
Al-Falih: Aramco IPO could still happen in 2018


Saudi Arabia may still move forward with an initial public offering (IPO) for state oil company Saudi Aramco on an international exchange such as London or New York in the second half of 2018, despit

Saudi Gazette

Emirates NBD closes in on Denizbank acquisition


Emirates NBD could agree to buy Turkey’s Denizbank within weeks, after intense lobbying by the Turkish bank to convince President Tayyip Erdogan of the benefits of the potential $5.3 billion deal.

Arab News

Saudi Aramco may create employee shareholders says US think tank


Saudi Aramco could grant shares to employees in any forthcoming initial public offering, according to an analysis of the company charter it adopted at the beginning of the year.

The new cha

Arab News

Abu Dhabi's Aldar raises foreign ownership limit to 49%


The shareholders of Aldar Properties have approved raising its foreign ownership limit by 9 per cent, allowing foreigners to own up to 49 per cent of Abu Dhabi’s biggest-listed developer, the company

The National

Zain Group supports Kuwait Investment Forum 2018


Zain, the leading telecommunications network in Kuwait supported the Kuwait Investment Forum 2018 (KIF 2018), that was held under the patronage and in the presence of His Highness the Amir Sheikh Sab

Arab Times