By Saifur Rahman
Damac Properties, the largest real estate property developer in the UAE, is currently developing 20 real estate projects with 45,000 residential units under various stages of development and construction, a top company official revealed to Gulf Property.
With an average price tag of Dh1 million, this translates to a development value exceeding Dh45 billion – although the actual value could be much higher. The company which recently recorded a sale of 3,100 homes worth Dh10 billion in ten hours at the newly launched Damac Islands, said, it had a very successful year in 2024.
“Damac is actively developing over 20 real estate projects worldwide encompassing various stages of planning and construction. These projects span across several key global markets and include a mix of residential, commercial, and mixed-use developments, each designed to meet the needs of our diverse clientele. This robust pipeline underscores our commitment to strategically expanding our portfolio and enhancing urban landscapes with innovative and luxurious living solutions,” Mohammed Tahaineh, General Manager of Projects at Damac Properties, told Gulf Property in an exclusive interview.
“Damac currently has around 45,000 units under different planning and development phases. These units are part of our extensive portfolio of ongoing projects across various global markets.”
Dariah Management and Catering (Damac), which started as an offshore catering business, used to own a few restaurants in Dubai under the Automatic restaurant brand. In 2002, its founder Hussain Sajwani launched Damac Properties after seeing the growing opportunity in freehold real estate business in Dubai and beyond. Since then, it has successfully delivered over 75 towers worldwide, marking our presence in major global cities including Dubai, Riyadh, Doha, and London.
“These projects have been executed in collaboration with renowned brands such as Versace, de Grisogono, and Roberto Cavalli, reflecting our commitment to infusing luxury and exclusive design into every aspect of our development,” he said.
“Damac has successfully delivered over 47,000 units. Each unit upholds the highest standards of luxury and quality, displaying our commitment to excellence in every of our developments. This delivery record underscores our position as a leading developer in the global real estate market, dedicated to providing cutting-edge living and business environments.
“In addition to our towers, we have in our portfolio six master development communities, covering a cumulative area of close to 250 million square feet. Three of these master communities were launched this year, indicating a high demand for community living experiences in this country. This achievement demonstrates our extensive experience and capability in the timely delivery of high-quality real estate developments that cater to our discerning clients across the globe. Damac has completed developments totalling over 57 million square feet.”
With an average value of Dh1,000 square feet, its sales value of the 47,000 units would exceed Dh57 billion, so far.
The real estate market in the UAE is currently experiencing robust performance, demonstrating strong growth and resilience. For example, in Q3 2024, Dubai’s property market, recorded over 50,000 transactions, marking an increase of 38 percent compared to the same period in 2023. This surge is primarily driven by the UAE’s continued appeal to global talent and investors, reflecting its status as a hub for international business and luxury living.
“With the expansion of visa programmes, a flourishing economy, and forward-looking policies designed to attract global wealth, we at Damac anticipate that the demand will continue to be strong. The market is expected to remain vibrant as supply strives to meet this growing demand, suggesting that the current performance of the market has the potential to sustain over the coming years,” he said.
“This year has been exceptionally successful for Damac, underscoring our robust position as a leader in the market and the strong demand for luxury properties. We launched several new projects that were met with outstanding reception. Notably, Lagoon Views and Sun City both sold out within just a few hours of their release, highlighting the high desirability of our developments. Additionally, Damac Islands, our largest launch of the year, achieved remarkable sales, with units valued at AED 10 billion selling out in under 10 hours. These achievements reflect our strategic approach to development and growth, with both local and international buyers looking for high-end and integrated living experiences.”
He said, Damac is actively expanding its global footprint with several ambitious projects outside the UAE. In Miami, it is progressing with a landmark development designed in partnership with Zaha Hadid, which epitomises cutting-edge architecture and luxury.
“Additionally, we are preparing for the handover of an exclusive project in the Maldives in collaboration with the Mandarin Oriental Hotel Group, which promises to offer unparalleled hospitality experiences. Moreover, through Edgnex, our data centres arm, we are developing state-of-the-art data centres across key regions including Europe, the Middle East, and the APAC region. These developments are part of our strategic expansion to diversify our offerings and reinforce our presence in international markets, delivering innovative solutions and luxury experiences worldwide.”
Damac Properties has an association with the Trump Co. Now that Donald Trump is returning to the White House, can buyers expect more projects under the Trump branding?
“Damac values its longstanding partnership with the Trump Organisation, exemplified by the world-class Trump International Golf Club and the Trump Estates at Damac Hills,” he said. “We will continue to assess and explore opportunities that align with our strategic goals and where we can effectively leverage the Trump branding. Our focus remains on segments that resonate with our business model and where we can deliver exceptional value, ensuring any future collaborations are beneficial and in line with our commitment to excellence.”
Meanwhile, The Trump Organisation has increased its partnership with Saudi developer Dar Al Arkan’s international property investment and development arm, DAR Global, led by Ziad El Chaar, former Managing Director of Damac Properties.
Ends
Also read: Damac Islands records Dh10 billion sales in just 10 hours
