The Dubai property developer Damac has launched a new series of villas at its 55 million sq ft Akoya Oxygen project aimed at younger home buyers.
The company said that the Akoya Imagine units, which will consist of three- and five-bed villas with a starting price of Dh1.2 million, have been designed to appeal to millennials – ie those reaching adulthood since the year 2000.
The company, whose shares are listed on the Dubai Financial Market, said that the homes have been designed to appeal to young couples and families, with colourful exteriors and open, airy interiors. The homes will go on sale from Saturday, and the company said that service charges for the units will be waived for a period of up to five years. A three-year payment plan is also being offered.
Ziad El Chaar, the managing director of Damac Properties, said: “Akoya Imagine is targeted towards a new type of buyer – young, professional and savvy to the lifestyle and financial benefits of buying in an international golf course community.
“This type of community is proven to consistently yield higher returns than a purely residential one and there is a limited supply in Dubai.”
The golf course at Akoya Oxygen is being operated by Donald Trump’s Trump Organization and is being designed by Tiger Woods.
In a note published last week forecasting second quarter results, the Dubai-based investment bank Arqaam Capital said that although it sees “selective strength” in UAE property stocks, investors need to price in the risk of a potential drop-off in earnings locally as a result of weakening economic conditions in the UK and Europe. Britons are the third-biggest buyers of UAE property, according to Dubai Land Department figures, behind Emiratis and Indians.
“The net impact in our view is a weaker residential demand picture, and subdued tourist flows/spend, against a backdrop of excess capacity. Aldar and DIC (Dubai Investments) are least exposed, from a buyer demographic angle, while Emaar and Damac are most likely to feel sales weakness,” it said.
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