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29 January 2008

Dubai property developer expands in UK

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by Gill Montia

Dubai property developer expands in UK

DAMAC Properties, the Middle Eastern private property developer, is opening a UK and Ireland regional headquarters in Canary Wharf, in February.

The company, which specialises in the luxury end of the market and currently makes 28% of its sales in the UK, has plans to open a number of new offices across the the country this year.

Mr Hussain Sajwani, Chairman of DAMAC Holdings explains: “We already have offices in Manchester, Birmingham, Glasgow and Mayfair. The Canary Wharf office is the latest edition to our office network in the UK and we will be opening offices in Leicester, Leeds and Southampton by Spring 2008.”

The firm’s chief executive, Peter Riddoch, adds: “As London continues to develop business and tourism ties with Dubai, our opening in Canary Wharf could not come at a better time. Emirates Airlines flies direct to Dubai seven times a day from London Gatwick or Heathrow providing a convenient link for overseas property investors, business travellers and holiday home owners living in London.”

DAMAC is experiencing strong sales of properties in Dubai to UK clients seeking holiday and retirement homes, as well as buy-to-let investors.

Part of the attraction of Dubai is that it has introduced freehold property laws specifically for foreign investors.

In addition, prices start from around £85,000 for a one-bedroom apartment and annual rental yields are typically 11% to 14%.

Mr Riddoch says: “Our customers are so confident in their purchase that up to 99% have never been to Dubai, or seen their property.”

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