DAMAC Properties has announced its fifth master community, called Sun City, in Dubailand
DAMAC Properties has officially opened its fifth planned community, called DAMAC Sun City, in Dubailand, the company announced on Monday.
Master Community
The company based in Dubai has announced a new project that focuses on health, nature, and luxury. This matches the growing interest in lifestyle-focused homes in Dubai’s real estate market.
“DAMAC Sun City is our fifth master community, following the successful launch of our Riverside project in May,” said Mohammed Tahaineh, the General Manager of Projects at DAMAC.
“We are happy to see that demand in Dubai is still very strong, and we expect this trend to continue for a long time.”
Sun City will include features that promote well-being, such as hiking trails, outdoor yoga studios, and areas for reflexology.
It will be conveniently located near important places in Dubai, including Downtown Dubai and the international airports, aiming to combine nature with modern city living.
DAMAC will provide a payment plan of 75% upfront and 25% later, along with a 4% waiver on fees for early investors. The company has been actively growing in Dubai’s property market, launching nearly 30 projects since 2023.
Dubai Property Market
In the third quarter of 2024, the total value of property transactions in Dubai’s residential sector reached $38.8 billion (AED 142.5 billion). This is a 34.5% increase compared to the same time last year, according to a report by Springfield Properties.
The number of transactions also rose by 39.66%, with 59,710 deals made. Off-plan properties, which are homes that are sold before they are built, made up 60.35% of the total transaction value and saw a 63.03% increase from last year.
The luxury property market did well, too. Jumeirah Second had the highest average sales price at $1,252.4 (AED 4,600) per square foot, while Bluewaters Island followed with an average of $1,089 (AED 4,000) per square foot. Jumeirah Village Circle had the most transactions, with 4,300 deals, showing strong demand for both luxury and mid-range properties.
Big number
In the first half of 2024, DAMAC gave out more than $1.9 billion (AED 7 billion) in contracts, showing its dedication to growth.
What to watch for
The developer’s popular DAMAC Lagoons project will start handing over Phase 1 this quarter.
Published: 15th October 2024
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