DAMAC Properties: Dubai-based developer to tour Pakistan this week
DAMAC says Pakistanis are among the top 10 investors in UAE real estate.
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
KARACHI:
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.
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.