Home > News > International News > The Middle East > United Arab Emirates > Dubai Skyscraper Sales Point To Recovery

Dubai Skyscraper Sales Point To Recovery

Perhaps one of the best examples yet that the residential market in Dubai is leaving recession and starting to expand again is the news that DAMAC Towers by Paramount is selling far ahead of expectations.

The unique-looking proposal that has a cluster of four 250-metre tall towers tightly sharing a single podium has seen healthy sales from no less than 32 different countries with 40% of the total amount of serviced apartments in the scheme purchased and the next phase of marketing launched two months ahead of schedule as a result of the healthy sales levels.

In total it will contain 1,000 new residential units aimed at the luxury market with residents able to enjoy the hotel podium packed with the latest mod-cons including swimming pools, a kindergarten, and various eateries.

One interesting feature residents will be able to take advantage of is the rental pool, this is an idea that when the resident is away their property is added to a pool that can be rented out to tourists. From the tourist's perspective they would simply book an apartment in the development and an available property would be allotted.

This should allow residents to generate some sort of return when they are not in Dubai, possibly a recognition from DAMAC that the previous scale of development aimed at owner/occupiers and Dubai acquiring a population worthy of a megacity was perhaps too ambitious.
DAMAC Towers by Paramount, Dubai
DAMAC Towers by Paramount, Dubai