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Damac Properties, the developer caught in a storm over its partnership with the controversial...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-432","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-6Y","jetpack-related-posts":[{"id":11422,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/jacuzzi-or-sauna-damac-launches-hotel-spa-villas-in-dubais-akoya-oxygen\/","url_meta":{"origin":432,"position":0},"title":"Jacuzzi or sauna? Damac launches hotel spa villas in Dubai's Akoya Oxygen","date":"April 26, 2016","format":false,"excerpt":"\r Damac is continuing its creative ways of attracting property buyers to Dubai with the launch of a collection of villas containing a private garden spa.The hotel spa villas are part of Damac's Akoya Oxygen project, on the Umm Suqeim Road, and provide buyers with a choice of Jacuzzi or\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":52640,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-to-build-2000-room-hotel-overlooking-akoya-oxygen-golf-course\/","url_meta":{"origin":432,"position":1},"title":"Damac to build 2,000-room hotel overlooking Akoya Oxygen golf course","date":"April 23, 2017","format":false,"excerpt":"\r Damac Properties has announced plans to build a five-tower hotel comprising 2,000 hotel rooms overlooking its planned Trump branded golf course at Akoya Oxygen.The Dubai-listed developer known for its high-profile tie- up with the US president Donald Trump's golf course operation, is marketing the hotel rooms to investors as\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":223,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-offers-3-year-rental-guarantee-amid-trump-anti-muslim-furore\/","url_meta":{"origin":432,"position":2},"title":"Damac offers 3-year rental guarantee amid Trump anti-Muslim furore","date":"December 20, 2015","format":false,"excerpt":"\r Dubai developer says wants to reassure investors of stable growth\r \r Source : arabianbusiness.com\r Read more...Damac offers 3-year rental guarantee amid Trump anti-Muslim furore","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12192,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-properties-first-quarter-net-profit-drops-15-per-cent\/","url_meta":{"origin":432,"position":3},"title":"Damac Properties first-quarter net profit drops 15 per cent","date":"May 9, 2016","format":false,"excerpt":"\r Dubai-based developer Damac Properties reported a 42 per cent decline in year-on-year sales for the first quarter of 2016 of Dh1.62 billion compared with Dh2.8bn a year earlier.Net profit also dropped by 15 per cent to Dh1.05bn.The amount of new sales booked during the quarter were Dh2bn - a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5302,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-to-build-luxury-flats-with-car-lifts-next-to-dubai-canal\/","url_meta":{"origin":432,"position":4},"title":"Damac to build luxury flats with car lifts next to Dubai Canal","date":"February 21, 2016","format":false,"excerpt":"\r \r The property developer Damac is building new luxury flats next to the Dubai Canal, each with their own car lifts. The six-tower, 4 million square foot project, Aykon City, will be built on Sheikh Zayed Road. In the 2012 US presidential election, Mitt Romney's wealth raised eyebrows when\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":55227,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-properties-managing-director-ziad-el-chaar-resigns\/","url_meta":{"origin":432,"position":5},"title":"Damac Properties managing director Ziad El Chaar resigns","date":"May 18, 2017","format":false,"excerpt":"\r Ziad El Chaar, the managing director and executive board member of Damac Properties, has resigned, the developer said on Thursday, without citing a reason for his departure.The company did not name a replacement for Mr El Chaar in a Dubai bourse filing.Mr El Chaar became managing director in 2011,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/432"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=432"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/432\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nDamac Properties, the developer caught in a storm over its partnership with the controversial US presidential hopeful Donald Trump, is offering lucrative rental returns on some of its properties to lure investors.Damac, which said it would stick with Trump International despite his anti-Muslim tirade, is providing a 24 per cent rental guarantee on selected units in Dubai, including the Akoya project associated with the billionaire, the developer said in a statement.
\nOwners of selected properties will be able to secure an eight per cent annual return in the first three years after handover.The company was offering these returns because it believes the Dubai property market is \u201cset for stable growth in the medium term\u201d, Damac said. \u201cWe have seen quite a bit of scaremongering in the market in recent months, which can have a detrimental effect on sentiment in the market,\u201d said Niall McLoughlin, the senior vice president at Damac. \u201cBy providing such a high, tax-free offering on our units, we are putting our head above the rest and underwriting any fluctuations that may occur down the line.\u201d
\nDamac\u2019s shares have taken a beating since Mr Trump said last week he would call for a total ban on all Muslims from entering the United States, weeks after he said he would consider closing down some US mosques in response to the Paris terror attacks.The developer teamed up with The Trump Organization in May 2013 with a plan to operate a Trump International Golf Course at the heart of the 42 million square foot Akoya by Damac project in Dubailand.
\nDubai residential property prices are softening because of excess supply and dwindling demand, brokers have said.Average house prices in Dubai fell by a further 4 per cent in the final quarter of this year, meaning that apartments were 16 per cent cheaper than a year ago and villa prices were 14 per cent cheaper, according to the broker CBRE.Nearly a third of all the homes expected to be completed in Dubai this year are sitting empty, CBRE said.
\nPoor market conditions and construction delays have been blamed for the situation as brokers slashed their estimates for completions.About 6,000 homes in areas such as Sports City and Dubailand have been largely completed but have not yet been handed over to buyers, according to CBRE.This year, Ziad El Chaar, Damac\u2019s managing director, accused property brokerages in Dubai of \u201cprofessional malpractice\u201d by publishing Dubai market reports forecasting excess supply, which \u201chave a detrimental effect on the generally positive sentiment in the market\u201d.
\ndalsaadi@thenational.aeFollow The National\u2019s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Dubai\u2019s Damac looks to shake off Trump storm with rental incentive<\/a><\/p>\n