Luxury lifestyle provider and the Middle East’s leading private property developer, DAMAC Properties, offers Jordanian citizens a lucrative investment opportunity in its iconic residential real estate developments in the UAE. DAMAC’s properties are located in the most sought after locations on the leading master planned developments In Dubai and Abu Dhabi.
In Dubai, DAMAC’s residential freehold properties are located on the world acclaimed Palm Islands in Jumeirah and Jebel Ali, Dubai Marina, Jumeirah Lake Towers, Dubai International Financial Centre, Discovery Gardens, the International Media Production Zone (IMPZ) and Jumeirah Village South.
The majority of these spectacular projects are spacious, waterfront properties that provide international standard finishing. The properties are fairly priced by world standards, a factor that has drawn nationals from over 74 countries around the world to invest in DAMAC’s properties.
Recently, DAMAC Properties launched two iconic projects within the Abu Dhabi. Dolphin Towers, a three-tower structure, including 400 one, two, and three bedroom luxury condominiums and 10 exclusive sea facing townhouses, will be located within the stunning Al Raha beach development. Oceanscape, an iconic mixed-use undertaking, including 184 one, two, and three bedroom apartments with state of the art finishing and 8 townhouses, is due to be positioned on the renowned Al Reem Island.
Lately, DAMAC launched an exquisite project within Lusail’s Fox Hills community in Doha and the response by customers was highly promising, as evidenced by the number of reservations that were made for properties within the new project. The property company will soon introduce its project within the world acclaimed Beirut City Centre in Lebanon on the prime location of Omar Daouk and Fakhreddine streets, as well as in the new downtown area in Amman, Jordan. Press conferences to unveil those projects are planned to take place early in the summer.
“Our plan is to launch a number of prestigious real esate projects outside the UAE. The company started with Qatar, will be launching soon in Lebanon and Jordan, and will announce real esate developments in a number of different countries throughout the region and beyond.” Commented Riddoch.
DAMAC Properties real estate projects in the UAE offer rental return that vary between 7% and 16%, a 30% yearly appreciation on the purchasing prices of properties, as well as substantially high return on investment (ROI) gives Jordanians a significantly attractive investment opportunity.
“The freehold real estate market within Dubai and is extremely buoyant, and a number of expatriates have bought into the local market and are renting out their properties, have generated substantially high rental returns. Those who bought and sold their properties made a sizable profit”, said Peter Riddoch, CEO at DAMAC Properties.
“Abu Dhabi has been regarded as a sleeping giant until recently. Today, the property market in Abu Dhabi is starting to boom. Accordingly the UAE capital offers citizens and visitors an extremely attractive investment opportunity” added Riddoch.
A recently introduced property law has legalized property ownership for expatriates in Dubai, giving all foreign investors piece of mind while purchasing a property in the City.
“Within Dubai, Ever since the Dubai Government allowed foreigners to purchase property in 2003, there has been a property explosion in the city. In addition, high rents, combined with low purchase prices and zero property and income tax, has resulted in Dubai becoming an extremely popular choice for overseas property investors. The property law will make it even more attractive to invest in Dubai’s freehold developments going forward”, advocated Riddoch.
“The city’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”, commented Riddoch.
DAMAC was recently honored with three prestigious Bentley International Awards 2005 in the categories of Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights and Best Developer Website (www.damacproperties.com) at a ceremony in London on 4 November 2005.
The Bentley International Property Awards, now entering their 11th year, have been described as the ‘Oscars’ of the property industry. The aim of the awards is to distinguish the highest levels of achievement in a range of property-related fields. Categories cover a wide range of property and real estate related activities and services, including Development, Interior Design, Architecture, Property, Advertising, Marketing, and Estate Agency Services.
The total value of DAMAC Properties’ projects is over USD 4 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.
