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Dubai’s off-plan property demons return

Posted on 07 May 2013

Damac Properties, one of the hardest-hit developers during Dubai’s real estate market meltdown five years ago, launched a 28 million-square-foot luxury villa and condo project on the outskirts of the city last month. To fund construction, the company is using a financing model that should be familiar to anyone who has experienced or read about Dubai’s bursting property bubble: off-plan sales.
Hussein Sajwani, Damac’s chairman, said on Sunday that construction of its new Akoya project, which includes an 18-hole golf course managed by Trump International, will be 80% financed by customers. Damac is only putting up 20% of the cost, although it also used its own funds to pay for the land upon which it is to be built………………………………………..Full Article: Source


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