DAMAC Properties, Dubai’s leading private sector property developer and luxury lifestyle provider, will showcase the benefits of investing in the buoyant Dubai property market at the Investment Opportunities Show, which takes place at the Sandton Convention Centre from 28-30 October.
One of only a few international exhibitors at this year’s show, DAMAC Properties is expected to capitalise on the softening of South African residential property rentals and will present a number of residential investment opportunities in Dubai that are currently delivering returns of between 7% and 16%. The properties include some of the most exciting iconic high rise residential projects in Dubai that have made a significant addition to the modern skyline.
Customers who buy DAMAC Properties’ retail, office or residential space at the exhibition will be eligible for a holiday in Dubai valued at up to 10% of the purchased property.
Damac Properties will form part of the Hot Property expo component of the show, which will be manned by highly qualified property experts showcasing residential investment opportunities and property investment funds. In addition, estate agents will display their freehold, sectional title and investment portfolios.
DAMAC Properties CEO, Peter Riddoch, says since the UAE Emirate of Dubai allowed foreigners to purchase property in 2003, there has been a property explosion in the country. “In addition, high rents, combined with low purchase prices and zero property and income tax, has resulted in Dubai becoming a popular choice for overseas property investors,” he says.
“The rental market in Dubai is extremely buoyant, and a number of expatriates have bought into the local market and are renting their properties. Dubai has also become a popular choice for South Africans looking to gain international work experience and the South African population in the UAE has grown in recent years, outstripping that of most other non-Arab and non-Asian nations.
“A large number of South Africans have elected to live in Dubai because of its safe living environment and booming economy. Others choose it as a regular holiday destination,” says Riddoch.
Dubai’s reputation as a tourist magnet and the region’s largest leisure and commercial hub has resulted in unprecedented activity in the country’s property market. Riddoch says DAMAC Properties is a major player in Dubai’s booming real estate market. “The company has truly unique developments located in prime locations within the most prominent master planned developments in the city, including The Palm Islands in Jumeirah and Jebel Ali, Dubai Marina, Jumeirah Lake Towers, Dubai International Financial Centre, Discovery Gardens and the International Media Production Zone,” he says.
The majority of these projects are waterfront properties designed by leading international architects. They are spacious and fairly priced by world standards, a factor which has drawn nationals from over 74 countries around the world to invest in the properties.
The total value of DAMAC Properties’ projects is over AED8-billion (R14-billion). It is a subsidiary of DAMAC Holding, an accredited ISO 9002 company that has grown into a global conglomerate with more than 5,000 employees in 16 countries. Being the first private developer to make a commitment to Dubai’s real estate market, DAMAC properties has become a market leader with a strong sales record to its credit.
