The Dubai property market is at “the top of its game” according to the managing director of Damac after the developer’s latest sales launch sold out in one night.
The launch of nearly 300 apartments at Loretto, located in Downtown Akoya, took place during Suhoor last night across six UAE venues.
Damac said that more than 300 investors came from as far as Qatar, Kuwait, India, Pakistan and Russia to snap up the properties which overlook a private park.
“Top end luxury living, in the right location, with the right developer, is proving to be as in demand as ever before,” said Ziad El Chaar, the managing director, Damac Properties.
“The market remains bullish, with savvy investors from all over the world recognising the intrinsic investment opportunities that are abound.”
“Despite the scaremongering to the contrary, the Dubai property market remains at the top of its game and is driving great value to smart buyers.”
The handover of units at the project will begin next year. Akoya is due to be completed in 2018 and will include hotels, hotel apartments, a 1.3lm Champs-Elysees style shopping strip and an outdoor ice skating rink.
Damac started launching off-plan luxury villas at the development last summer. The project is ultimately intended to comprise 7,367 luxury homes as well as a Donald Trump-designed branded 18 hole PGA Championship golf course.