Dubai developer sees luxury demand surge

Dubai’s largest luxury developer DAMAC Properties has seen a surge in buyer interest for its portfolio across the Middle-East region.

Niall McLoughlin, senior vice president of DAMAC, said that his company was seeing evidence that investors were returning to the market in large numbers.

“Reports of increasing demand are being reflected in our diminishing supply of inventory in completed residential projects,” McLoughlin said. “At DAMAC Properties we have very few apartments left in our residential projects which have been handed over, and we are now seeing investors shift their focus to projects which are more than 60% complete.”

“Across the Middle East, the surge in demand for quality residential properties is outstripping the current supply. Standards of living are also changing rapidly in this region and people now expect a lot more for their money.”

Source:  OPP.org.uk