The development, located near the iconic Expo 2020 Dubai site and the upcoming Dubai South urban masterplan, promises a blend of luxury, sustainability, and innovative design. The project’s first phase, featuring premium villas and townhouses, went on sale at 12 PM GST, and by 10 PM GST, the developer had already secured AED 10 billion in transactions.

The lightning-fast sales were driven by a mix of international investors and local buyers, with significant interest from markets like China, India, the UK, Russia, and GCC nations. According to Damac, over 80% of the units in the initial phase were snapped up by overseas buyers, highlighting Dubai’s status as a safe haven for global capital.

What Makes Damac Islands a Magnet for Investors?

Damac Islands is designed as a self-sustained “city within a city,” spread across 42 million square feet. The project features:

• Luxury waterfront villas with private beach access.
• Smart home technology and eco-friendly infrastructure.
• Proximity to Al Maktoum International Airport (just 15 minutes away) and major highways.
• Amenities such as marinas, retail hubs, schools, and healthcare facilities.

Prices for villas start at AED 3.5 million ($950,000), offering competitive entry points compared to other premium developments in Dubai. Flexible payment plans, including 80/20 schemes (80% paid during construction, 20% on handover), further sweetened the deal for buyers.

Market Context: Dubai’s Real Estate Boom

Damac’s success aligns with Dubai’s broader real estate resurgence. According to Dubai Land Department (DLD) data, property transactions in Q3 2023 surged by 40% year-on-year, with off-plan sales driving much of the growth. The emirate’s stable economy, investor-friendly policies (like golden visas and 100% foreign ownership), and post-pandemic recovery have made it a hotspot for high-net-worth individuals.

Hussain Sajwani, Damac’s Founder and Chairman, attributed the project’s success to Dubai’s “unmatched ability to innovate and deliver world-class developments.” In a statement, he emphasized that Damac Islands represents a “new era of coastal living,” combining luxury with long-term value.

Sustainability and Future Plans

Damac has integrated sustainability into the project’s DNA, with plans for solar energy adoption, green spaces, and water conservation systems. The developer also aims to leverage Dubai’s Net Zero 2050 Strategy, aligning with the UAE’s sustainability goals.

Future phases of Damac Islands will include high-rise towers, hospitality offerings, and entertainment districts, with completion slated for 2027. The project is expected to house over 25,000 residents once fully operational.

The Final Thought

Damac’s AED 10 billion sales milestone is more than a triumph for the developer—it’s a testament to Dubai’s enduring allure as a global real estate hub. As the city continues to evolve with visionary projects like Damac Islands, investors and end-users alike are betting on its future. For now, Damac’s record-breaking launch has set a new benchmark, proving that even in uncertain global markets, Dubai’s property sector remains a beacon of opportunity.

Sources: Damac Properties press release (October 2023), Dubai Land Department, Gulf News, Arabian Business.