History of DAMAC Properties
The company was founded by Hussain Sajwani in 2002, when the Dubai government opened the real estate market to foreign investors. Over 20 years, Damac has delivered more than 39,400 homes. Currently, the DAMAC Properties portfolio includes 28,000 properties of various purposes under planning and construction. The brand, which grew up in the Emirates, has achieved recognition on the international arena.
The developer DAMAC Property itself is engaged in the design of objects, design, marketing, sales and property management. The company has properties in Downtown, Business Bay, Dubai Marina and other areas of Dubai.
DAMAC Properties is a socially responsible company. Thus, in 2020, the Hussain Sajwani-DAMAC Foundation donated AED 3 million to the Arab Hope Makers initiative. It helps people who are struggling with social and environmental problems and find new solutions in the field of healthcare. DAMAC also supported the initiative to help families affected by COVID-19.
DAMAC Properties' Landmark Projects
DAMAC Towers by Paramount Hotels & Resorts
A luxury complex from DAMAC Properties Dubai consisting of 4 towers in the Business Bay area. One of the skyscrapers is occupied by a hotel. The others house 1,200 apartments. The apartments and hotel rooms are fully furnished. Prices start from $217,500.
DAMAC Hills
An ambitious project by DAMAC Properties in the Dubailand area. The community is being built around an international golf club. The developer offers plots for construction with views of the golf course or ready-made villas. Villas and townhouses are in great demand. Townhouses in Portofino are in great demand - these buildings are built in the Italian style and cost from $417,000. Nearby are Spanish-style villas Costa Brava, Mediterranean Santorini and other luxury housing.
Safa One
This is a future project of DAMAC Properties Dubai, which will be launched in March 2022. The duo of two towers will be located near Safa Park. The design is inspired by the necklace of Swiss jeweler Fawaz Gruosi. Hanging gardens will be scattered along the facade to emphasize the unity with nature. The complex will have apartments with 1-5 bedrooms.
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As of June 2021, DAMAC Properties is developing 20 new residential projects in Dubai. For example, projects such as Just Cavalli Villas, Aquilegia, Victoria, Fiora and Amora are all being built in the DAMAC Hills 2 complex. These off-plan objects can be purchased under favorable payment plans, which are actively used by buyers. Reva Residences, Aykon City Tower and Paramount Tower Hotel projects & Residences are all located in the Business Bay area and have previously shown a high level of off-plan real estate sales. This indicates the high quality of the work, as well as the confidence of investors in the activities of the developer.
Most of the company payments for developments are made by installments received from the sale of real estate. The developer is entrusted with the most ambitious and landmark projects in the UAE as well as other countries. For example, work is currently underway on the Aykon City megaproject on the Sheikh Zayed Road highway together with China’s largest construction company – China State Construction Engineering Corporation (CSCEC). Another iconic DAMAC project currently in the process of construction is the 70-storey Cavalli Tower which is in collaboration with the world-famous Italian fashion brand, Roberto Cavalli.
Investments in the developer’s projects remain profitable and reliable, due to a competent economic strategy, significant company assets and its partnership with world-famous brands. When investing in a project of DAMAC Properties, the return on net profit for investors averages from 6% to 12%.
