Damac sees 'unprecedented' demand for Dubai luxury apartments

Damac sees 'unprecedented' demand for Dubai luxury apartments

Damac Properties has announced an "unprecedented response" to units in Vera Residences, a luxury apartments complex located in Business Bay, Dubai.

The apartments went on sale on November 4 and more than 85 percent of units released were sold on its first day of sales, the developer said in a statement.

Priced from AED499,000, investors snapped up apartment units in the 30-storey tower, and due to the high demand, only a limited number of units remain, the statement added.

Niall McLoughlin, senior vice president, Damac Properties said: “The overwhelming demand we witnessed for our latest project Vera Residences reaffirms the success of our strategy to provide investors with the right product at the right price.

“Our customers recognise good value and Vera Residences represents an ideal investment opportunity in one of the most desirable locations in the city, with high rental yields that can potentially reach 10 percent per annum,” he added.

Arabian Business

17 Dec 2017