UAE One of the Best Performing Markets for Real Estate: Damac

The UAE is one of the best performing markets for real estate investments, according to Peter Riddoch, CEO, Damac. “In line with this belief, Damac has announced the launch of ‘Executive Suites’ – a serviced office tower on the third day at Cityscape Dubai by assuring a 40 per cent rental return guarantee over three years for the project,” he stated. Speaking at the launch, Peter Riddoch, CEO, Damac Properties Dubai said: “We believe Dubai has the potential to become the most expensive commercial real estate destination in the world in the coming years. The demand and prices for office spaces is increasing; according to a recent report by Colliers International, Dubai is ranked third in terms of global office real estate construction activity, behind Moscow and Shanghai.” “In line with the reports and based on our research, we are very confident about the market and assuring a 40 per cent rental return on the property over the three years following the delivery.

We are offering this incentive to our customers as we forecast positive growth trends in the coming years where the market will still be bullish and we are aiming to supply for the growing demand,” the Chief Executive Officer stated. “Executive Suites, located in Business Bay. The most-sought-after business hub of Dubai will offer customers to a completely new concept in working. Customised to suit one’s comfort and designed with access to services and facility for effective functioning of an office, the tower promises an ideal location to work among the company of like-minded people,” he elaborated. The amenities offered at ‘Executive Suites’ are copying and printing services, dedicated administrative support, managing phones, faxes, emails, audio-conferencing services, reception and concierge services, refreshment facilities, onsite system support and maintenance, broadband connectivity and an extensive range of latest leisure facilities including a roof deck, outdoor swimming pool, lounge, gym and health club facilities like sauna and steam.

“At this Cityscape, we have offered the early bird incentive that entitles a customer buying at ‘Executive Suite’ during Cityscape between 10:00 am and 12:00 noon to get a Damac Properties voucher of Dh100,0000 against its purchase,” he explained. “Similarly, As part of the Cityscape special, everyone who bought an apartment at Green Park at Cityscape Dubai on October 6th received a rental return guarantee of 24 per cent over three years or a 10 per cent discount on the property value. This was supported by attractive payment options. And those purchasing between 10:00 am and 12:00 noon received an additional voucher of D100,000. Commenting on the enthusiastic response to Green Park, Peter Riddoch said: “The first few hours at Cityscape Dubai reinforces the bullishness of the UAE property market and the faith everyone has in Damac projects in Dubai.