Dubai properties 60% cheaper than Mumbai
DAMAC Properties, the Middle East’s leading independent real estate company, has today announced that a growing number of investors from India are showing interest in Dubai, as they look to capitalise on 60% savings per square foot in the Dubai property market.
At an average price per square foot of $264 in Dubai according to Colliers International, property is now 60% less expensive than in central Mumbai, where the price per square foot is $664 according to Jones Lang LaSalle.
In addition to the price disparity, Dubai’s property market is becoming increasingly attractive to foreign investors due to the implementation of a raft of new regulations, such as the new Strata law, which favours home owners. As these new tougher and more stringent regulations take hold, Indian investors are looking to take advantage of the plethora of investment opportunities that exist within the emirate’s real estate market.
Niall McLoughlin, Senior Vice President DAMAC Properties said: “At DAMAC Properties, we have seen a marked rise in interest across our Dubai portfolio from Indian investors; in January 2011 we had double digit growth in enquiries on the same period last year.
Not only are we seeing a surge of interest from potential Investors from India but also from other emerging markets such as sub Sahara Africa and China who are looking for quality assets, at competitive prices.
At DAMAC Properties, we believe that investors will always be attracted to all of the positive attributes that Dubai has to offer - world-class infrastructure; strategic location; established tourist destinations, proven business centres; a highly skilled expat workforce; and most importantly strong and stable government leadership. Confidence was shaken, following the global slowdown, however, the introduction of these new regulations in Dubai gives property buyers more security over their investments,” added Niall McLoughlin.
DAMAC Properties has also welcomed the return of liquidity into the mortgage market, which it cites as another major factor in the revival of the emirate’s real estate sector. “Now that banks and financial institutions have begun to regain confidence in the market, and are again in a position to offer financing packages, it will start to address the issue of oversupply - one of the major factors in the sector’s devaluation,” concluded Niall McLoughlin.
DAMAC Properties believes that Dubai’s real estate market has changed considerably, and for the better. The introduction of new regulations means that Dubai now has a more transparent, better regulated real estate market, which will be a platform for building a more confident and sustainable pattern of real estate development and investment.
As the new regulations move the market away from the previous ‘develop and sell’ approach, there will continue to be an increase in the number of investors looking for more sustainable investments; investments based on holding assets for secure long-term income flows.
With 12,634 units under construction across the region and eight project handovers planned in Dubai in 2011 alone, DAMAC Properties continues to be a major contributor to Dubai’s real estate revival. As it continues to extend its portfolio of luxury products, which offer significant investment opportunities, DAMAC Properties will be an enduring fixture in the Dubai landscape, and Dubai itself will continue to be a major draw for Indian investors.
DAMAC Properties, part of DAMAC Holdings was established in 2002, as a private residential, leisure and commercial developer in Dubai and the Middle East. Since then, DAMAC Properties has expanded rapidly into North Africa, Jordan, Lebanon, Qatar and Saudi Arabia.
2010 was labelled the ‘Year of Construction’ at DAMAC Properties, during which it aggressively focused on construction and contract delivery to trusted and quality contractors. DAMAC Properties have already delivered 4239 units into the market with projects at IMPZ (The Crescent), TECOM (Executive Heights), JLT (Lake View and Lake Terrace) and the Marina (Ocean Heights, The Waves and Marina Terrace) already delivered and is expected to have handed over a further 7 towers comprising 3387 units in 2011.
In June 2010, DAMAC Properties further reinforced its position as a premium developer with the launch of DAMAC Tower in Beirut, Lebanon. A 28 iconic tower, this project is in association with Italian design group, VERSACE, with all interiors being designed by Versace Home.
The company has a diverse range of expertise that allows them to have a good oversight and management of all aspects of a project right from the acquisition of land, appointment of architects and designers, construction and sales to after sales service.
The company’s projects are located in the most desirable and exclusive locations and homes are built to a high quality specification that has become synonymous with the group. DAMAC Properties aims to develop projects that include residential, commercial and leisure facilities that will create an integrated community.
In addition to support services provided by the Dubai headquarters, the company’s comprehensive Customer Care Program provides solutions through its vast network with offices in the UAE, Jordan, Lebanon, Egypt, KSA and Qata
Dubai properties 60% cheaper than Mumbai - Moneycontrol.com -
