07.05.2013 - Dubaiís off-plan property demons return
Damac Properties, one of the hardest-hit developers during Dubaiís 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 Dubaiís bursting property bubble: off-plan sales. Hussein Sajwani, Damacís 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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