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Properties Damac Towers by Paramount (Dubai) was sold out in one day

Market overview

29.03.2013

Homesoverseas.ru editorial office

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All properties of the first stage of construction of the large-scale Damac Towers by Paramount project, which will be built in the Dubai Downtown area next to the Burj Khalifa building, were sold out a few hours after the start of sales, according to an online source Arabian Business.

As reported previously, a budget of $1 billion was allocated for this project, which will consist of four towers (a five-star hotel and serviced apartments). The construction of Damac Towers by Paramount is scheduled to be completed in 2015.

More than 1,000 investors came to the opening of sales of this project, among whom were citizens of the United Kingdom, Saudi Arabia, India, Lebanon and Russia. This is the largest luxury project that has been launched in Dubai over the past five years, and such demand for prestigious housing suggests that the emirate's real estate market has recovered. According to Knight Frank, Dubai recorded a significant increase in prices for luxury housing in 2012, which amounted to 20%.

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