Damac Properties announced on Thursday that it achieved sales exceeding Dh10 billion in under 10 hours, marking a strong close to 2024 for Dubai’s largest private real estate developer. This milestone underscores the continued confidence of investors in the emirate’s booming property market.
The company sold 3,100 units in its newly launched Damac Islands project, which was introduced last month. Situated in Dubailand, the development features six clusters inspired by tropical destinations: Maldives, Bora Bora, Seychelles, Hawaii, Bali, and Fiji.
“This extraordinary sales success reflects the strong market confidence in Dubai. We remain committed to delivering world-class projects that cater to the evolving needs of our clients,” said Hussain Sajwani, founder and chairman of Damac Properties.
The surge in demand from high-net-worth individuals and end-users highlights growing trust in Dubai’s real estate sector. While major developers like Damac continue to sell properties within hours, smaller and emerging developers are experiencing robust sales over days or weeks.
Despite its rapid growth, Dubai’s residential property market remains more affordable than global hubs like London, New York, and Hong Kong.
Looking ahead to 2025, Dubai’s real estate market is expected to maintain its upward momentum, driven by ongoing infrastructure advancements and a growing emphasis on sustainability. The market has already shown remarkable resilience and growth throughout 2024, particularly in the luxury property segment.
