Chandigarh, Sep 4 (PTI) With real estate developer DAMAC Properties showcasing luxury properties in Dubai available at “lower” rates than the cost of a 1,000-square foot home in Chandigarh, buying a house in the Middle East trading hub is no longer a distant dream for many.

Participating in a real estate exhibition organised by CREDAI (Punjab) here, DAMAC, one of the Middle East”s largest property developers, is offering a host of properties in Dubai at rates which are almost comparable to the prices of properties available in Chandigarh and its periphery areas.

“We are offering our range of freehold properties, including residential ones, at very affordable rates to people of Punjab and Chandigarh who want to buy a house, especially for holiday purposes in Dubai,” DAMAC Director of Sales Syed Irshad Rahman told PTI here.
Hit hard by the global recession of 2008, the Dubai property market has witnessed a sharp 30 per cent decrease in the rates for residential and commercial properties.

Even though three years have passed since the crisis broke out, prices in Dubai are still close to rock bottom and DAMAC is even offering 10 per cent discount to prospective Indian buyers on properties available in Dubai.
According to Rahman, DAMAC is offering residential apartments measuring 1,000-square feet in Jumeirah village at Rs 59 lakh each, while apartments of 2,000-square feet area are available at Rs 1.2 crore.

These properties are ready to move in, with facilities like gymnasiums, swimming pools, steam baths and saunas, besides easy payment plans. The apartments costing over Rs 1.2 crore even come with a three-year residency visa.

Notably, residential flats in Chandigarh, where properties are highly sought after, are available at a rate ranging from Rs 70 lakh to Rs 1 crore for a 1,000-square foot area, depending upon the location.
DAMAC is displaying several of its projects at the exhibition, including luxury apartments at the Dubai Marina, Dubai International Financial Centre (DIFC), Business Bay and International Media Production Zone (IMPZ).

Expecting an encouraging response from buyers and investors from Punjab and Chandigarh that have the appetite to invest because of the real estate boom, Rahman said that Indians were the second-largest buyers of properties in Dubai, after citizens of the UK.

“Indians are the maximum buyers of properties after UK citizens in Dubai,” he said.

Promoted by UAE national Hussain Sajwani, DAMAC Properties is a private residential, leisure and commercial developer in Dubai and the Middle East. It has also expanded into North Africa, Jordan, Lebanon, Qatar and Saudi Arabia.

DAMAC has completed 28 projects in Dubai till date, comprising 6,045 units spanning 10,619,469 square feet. PTI CHS ARV