The DAMAC Properties developer has been leading the construction of significant real estate developments in the Middle East for almost 20 years. The company forms the premium property market and builds shopping and recreational centers in the UAE, Jordan, Saudi Arabia, Qatar, Turkey, Lebanon and the UK. As of June 30, 2021, DAMAC Properties has completed more than 35,000 projects, with another 30,000 projects under construction underway today.
The company was founded in 2002 when the Dubai government opened the real estate market to international investors and allowed them to own property on freehold rights. According to the founder of the company Hussain Sajwani, the mission of DAMAC is to transform the UAE into a global center of trade, hospitality and lifestyle.
The developer owns three subsidiaries: DAMAC Maison, DAMAC Properties Development Co LLC and DAMAC Real Estate Limited Development. Back in 2013, DAMAC Properties shares were listed on the London Stock Exchange for the first time(LSE), which was the start of worldwide recognition of global investment attractiveness among developers in the UAE. In 2018, the company joined the Middle East Investor Relations Association. The mission of this organization is to increase the efficiency, reputation and attractiveness of capital markets in the Middle East.
Currently, DAMAC Properties is one of the biggest licensed real estate development companies in the UAE. In addition, the company is widely known for its charitable activities as DAMAC Properties supports the campaigns of His Highness Sheikh Khalifa bin Zayed Al Nahyan and provides assistance to the Emirates Red Crescent (UAE branch of the International Federation of Red Cross and Red Crescent Societies).
Most of the company payments for developments are made by installments received from the sale of real estate. The developer is entrusted with the most ambitious and landmark projects in the UAE as well as other countries. For example, work is currently underway on the Aykon City megaproject on the Sheikh Zayed Road highway together with China’s largest construction company – China State Construction Engineering Corporation (CSCEC). Another iconic DAMAC project currently in the process of construction is the 70-storey Cavalli Tower which is in collaboration with the world-famous Italian fashion brand, Roberto Cavalli.
Investments in the developer’s projects remain profitable and reliable, due to a competent economic strategy, significant company assets and its partnership with world-famous brands. When investing in a project of DAMAC Properties, the return on net profit for investors averages from 6% to 12%.
The portfolio of the developer includes both completed projects and units under construction. Some of the most iconic DAMAC Properties for sale are:
DAMAC Hills 2 (previously known as Akoya and Akoya Oxygen). The Trump International Golf Club is located here. The project offers villas, townhouses, penthouses and land plots. DAMAC Hills 2 is positioned as the greenest community in the UAE and includes the following communities: Hajar 2 Stone Villas, Bait Al Aseel Villas, Just Cavalli Villas, Akoya Genus Villas, Sahara Villas, Avencia 2 Villas and Aknan Villas. The minimum cost of real estate for these projects are AED 1,100,000 (USD 300,000). Some residential properties can also be purchased off-plan under favorable payment plans from the developer. DAMAC Hills 2 shows a high return on investment: ROI is 6.5%.
*The price is valid for 2023
Greenwoods Townhouses is one of the newest projects in DAMAC Hills. The estimated number of 3 and 4-bedroom villas in the community is around 48. The construction started in May 2021. Freehold ownership of Greenwoods facilities includes all kinds of entitlements for the owner. The “star” facade with built-in sparkling LEDs will be the main feature of the villas in Greenwoods Townhouses. The cost of residences will start from AED 1,700,000 (USD 463,000).
*The price is valid for 2023
Cavalli Tower is an elite residential development in Dubai Marina and is the second joint project of DAMAC Properties and the world-renowned fashion brand Roberto Cavalli. The complex is situated within walking distance from the sea and JBR. The 70-storey tower offers 1-4 bedroom apartments and a limited series of penthouses, with residences starting from the fifth floor. There will also be “flying villas” with swimming pools, spacious terraces and relaxation areas on the upper floors of the Cavalli Tower. The development is not only the sole skyscraper in the world built under the Cavalli brand but also a residential project. In each apartment there will be a vertical wall for hydroponics in order to grow garden crops. The complex also offers its residents an area to relax in, with the closed Malibu Bay lagoon. Moreover, Cavalli Tower residents will have access to an a la carte service (menu of 7 branded restaurants), infinity pools, a modern gym, SPA center and other world-class amenities. The cost of luxury real estate in Cavalli Tower will be approximately AED 2,300 (USD 626) per 1 sq.ft.
*The price is valid for 2023
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