Dubai – MENA Herald: Luxury developer DAMAC Properties has launched a 24% rental guarantee on selected units in Dubai, providing peace of mind to investors looking to capitalize on attractive prices in the Dubai real estate market.
Owners will be able to receive eight percent a year returns for the first three years following the handover of the units.
“We strongly believe that Dubai is set for stable growth in the medium term and we are backing that up by offering a 24% rental guarantee to give reassurance to buyers,” said Niall McLoughlin, Senior Vice President, DAMAC Properties. “Eight percent a year return for three years is at the top end of any real estate market in the world and we are the only luxury developer in Dubai currently offering such a secure investment proposition.”
“We have seen quite a bit of scaremongering in the market in recent months which can have a detrimental effect on sentiment in the market. By providing such a high, tax-free offering on our units, we are putting our head above the rest and underwriting any fluctuations that may occur down the line,” added McLoughlin. “When you also factor in the potential for capital growth, I don’t know of a better, more secure investment opportunity anywhere.”
While some recent reports have pointed to a softening in the market, Knight Frank’s The Hub reports showed that a US$3 million investment in Dubai real estate would be worth US$4.8 million in today’s market – more than any other global city including London, Paris, New York, Hong Kong, Singapore and Sydney.
The projects included within the 24% rental guarantee are: selected villas at AKOYA Oxygen and AKOYA by DAMAC master developments, DAMAC Towers by Paramount Hotels & Resorts (A, B and D), NAIA Ghalia, DAMAC Maison Majestine, Merano Tower, Paramount Tower Hotel & Residences, DAMAC Maison Privé (A and B), and NAIA Vantage.
As of 30th September 2015, DAMAC Properties has delivered 14,375 homes and has a development portfolio of over 37,000 units at various stages of progress and planning. Included are more than 13,000 hotel rooms and serviced hotel apartments under development, which will be managed by its hospitality arm, DAMAC Hotels & Resorts.