DAMAC recently introduced AKOYA, the largest project in the history of DAMAC Properties, which the company thinks reflects the significant recent growth in Dubai’s real estate sector. PHOTO: FILE
Pakistan may have been mired in economic problems in the last few years, but that hasn’t deterred wealthy Pakistanis from buying expensive property in Dubai. The Express Tribune has learnt that Pakistanis are among the top 10 property buyers in the UAE, which recently bounced out of a liquidity crisis and is now attracting foreign buyers for luxury accommodation, commercial properties and leisure facilities.
“We have received a lot of enquiries from Pakistan for our recent projects, which is why we are coming to Pakistan for a road-show,” Ziad El Chaar, managing director of DAMAC Properties, told The Express Tribune in a telephonic interview.
DAMAC is a leading property giant in the Middle East. DAMAC Properties was established in 2002, as a private residential, leisure and commercial developer in Dubai. It has completed 37 buildings to date, while 66 buildings in North Africa, Jordan, Lebanon, Qatar, Saudi Arabia and some other countries are in different phases of construction.
The company’s marketing team will tour Pakistan from June 29-30, 2013, starting with a road show in Karachi, followed by one in Lahore and one in Sialkot. When asked why his team was coming to Sialkot instead of another major Pakistani city, El Chaar explained that a large number of investors from Sialkot have expressed an interest in DAMAC’s projects.
“A number of Pakistanis have second homes in Dubai, and we are hopeful that we will succeed in targeting buyers during our visit to Pakistan,” he said; adding that Pakistanis are among the top 10 investors in the UAE property market.
Speaking about the general investment atmosphere in the UAE’s real estate sector, he said the property market was rebounding strongly, especially in the luxury and serviced residences segment.
“UAE, especially Dubai, has come a long way since the liquidity crisis it faced in 2008 that jolted property market in the country,” he said. “We have left the memories of 2008 far behind because we have better regulations today that are encouraging new investments in property.”
He said the UAE market is much more credible now because the country has overcome the liquidity problems it faced in the last three years, he added.
According to him, the properties offered by DAMAC are lucrative investments for buyers who want a second home in Dubai. One of these reasons may be the tax-free rental income investors can enjoy on their real estate investments in the UAE.
DAMAC recently published full-page advertisements in all major Pakistani newspapers to attract targeted clients. It introduced AKOYA, the largest project in the history of DAMAC Properties, which the company think reflects the significant recent growth in Dubai’s real estate sector. The company says that AKOYA will be the most luxurious golf community in Asia, spread over 28 million square feet, with premium branded mansions providing a luxury living experience within a fully integrated community. The company has just announced the launch of the first phase of sales for luxury villas within AKOYA.
Along with AKOYA, the company is also offering luxury serviced hotel apartments in the Burj area of Dubai, which it believes are very attractive to the elite Pakistani customer looking for modern luxury living in Dubai.
The two recent projects launched by the company are worth $4 billion in total.
Published in The Express Tribune, June 28th, 2013.
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This is for all Pakistanis who are contemplating buying a property in the UAE, PLEASE DONT!!!
Keep your money in Pakistan, your home country; the country that has given you soo much and will continue to give you in the future. Your money helps create jobs and businesses and uplifts the working class as well as communities that make up the fabric of society in Pakistan.
If you take your money out of the country, not only will it have a negative effect on living standards here, but it will have other far reaching consequences such as 1) The devaluation of the Rupee 2) An exodus of the educated/Specialists/ and high income individuals, 3) An increase in crime and terrorism etc.
Also, do you know how much debt Dubai has to pay/refinance in just in 2014? $36.5 BILLION!!! Do you know what there total Debt is? $113 Billion. Admittedly, a good chunk of that debt is owed to ABU DHABI but if you have live here for a reasonable length of time, you will find out that is not entirely a good thing. Our own debts seem trivial by comparison; we have a debt to GDP ratio of between 60-70 % of GDP which is better than India so keep hope that our country will begin to prosper in the near future.
Expect Delays, ....I mean really long delays! Expect very poor/non existent customer service and projects shrouded in complete secrecy. That is our experience with Damac and also many people we know who still await delivery after all these years.
Wealthy Pakistanis or corrupt individuals who wants to turn their black money into white. There is no such thing as honest hard working wealthy Pakistani
These people are banckcrupt. ET would do well to do a background check and some due diligence.