Dubai real estate market is witnessing several positive development in terms of prices as well as demand.
The sector will see positive investment initiatives in the next three years, said Hussein Sejwani, Head of Damac, especially high-end projects in excellent locations. Areas such as Downtown Dubai along Sheikh Zayed Road from Dubai World Trade Centre, Jumeirah Lakes Towers, Dubai Marina, Business Bay, Palm Jumeirah, Dubai International Financial Centre among others will be in high demand.
Sejwani told 'Al Khaleej' newspaper that construction work in Damac's 50 projects are underway and 80 per cent of them are in Dubai and Abu Dhabi.
Others spread across Qatar, Saudi Arabia, Lebanon, Jordan and Egypt will be completed in the next two years.
He said, "Damac will hand over 9,850 units between second-half next year until the end-2012 and beginning 2013.
Since the establishment of the firm, it has 36 buildings comprising 7,374 units. Thirty buildings, comprising 6,000 units - 80per cent residential and 20 per cent offices - were completed in the last three years of global crisis.
Sejwani revealed Damac cancelled six projects in Downtown Jebel Ali and The Palm Jebel Ali.
Payments
Only abot 20-25 per cent Damac customers have defaulted on their payments, said Sejwani, which amounts to 12,000 clients.
At the beginning of the global crisis in 2008, Damac took several critical decisions that helped the firm cope with the slowdown without much damage.
Today, Damac is not only in a safe position but also hace achieved several milestones, he added.
Sejwani said there will be no more price declines in the local realty sector.
In fact, since the beginning of 2011, some areas in Dubai saw more than 10 per cent increase in prices.
For instance in Dubai Marina, prices range from Dh700 per sqft to Dh1,500 per sqft for high-end projects.
With excellent infrastructure support and economic stability Dubai real estate sector will now only grow. Currently, the emirate has the cheapest property prices. Singapore is 10 times more costlier than Duba, while Mumbai and Beirut at least four times higher than the emirate.