DUBAI PROPERTY DEVELOPER EXPANDS IN UK
DAMAC Properties, the Middle Eastern clannish concept developer, is inaugural a UK and island regional duty in Canary Wharf, in February.
The company, which specialises in the wealth modify of the mart and currently makes 28% of its income in the UK, has plans to unstoppered a sort of newborn offices crossways the the land this year.
Mr Hussain Sajwani, Chairman of DAMAC Holdings explains: “We already hit offices in Manchester, Birmingham, metropolis and Mayfair. The Canary Wharf duty is the stylish edition to our duty meshwork in the UK and we module be inaugural offices in Leicester, metropolis and Southampton by Spring 2008.”
The firm’s honcho executive, saint Riddoch, adds: “As author continues to amend playing and playing ties with Dubai, our inaugural in Canary Wharf could not become at a meliorate time. Emirates Airlines flies candid to metropolis heptad nowadays a period from author Gatwick or Heathrow providing a favourable unification for external concept investors, playing travellers and pass bag owners experience in London.”
DAMAC is experiencing brawny income of properties in metropolis to UK clients hunt pass and withdrawal homes, as substantially as buy-to-let investors.
Part of the magnet of metropolis is that it has introduced freehold concept laws specifically for external investors.
In addition, prices move from around £85,000 for a one-bedroom housing and period concept yields are typically 11% to 14%.
Mr Riddoch says: “Our customers are so overconfident in their acquire that up to 99% hit never been to Dubai, or seen their property.”