The region's largest private luxury developer, Damac Properties has announced major increase in its portfolio of completed projects and those nearing completion, across the Middle East.
The Middle East is suffering from considerable shortage of quality residential properties, said Damac Properties.
According to the Vice President of Damac, Niall McLoughlin, investors are currently shifting focus on projects that are more than 60percent complete. The investor interest in the Middle East has grown in 2011, although the interest is more on narrow band of completed and income producing properties.
Mc Loughlin said that the surge in demand for quality residential properties is surpassing the current supply. Therefore, developers, including Damac Properties are focussing on quality of the finish and standard of amenities, in projects that are currently under construction.
Saudi Arabia, alone will require one million new housing units over the next three years, as the country is facing shortage says H E Sheikh Hamad bin Jassem bin Jabor Al Thani, the Prime Minister and Foreign Minister in Qatar.
The company handed over a total of 21 buildings, apart from delivery of Versace-branded residences in Saudi Arabia, and its hospitality offering Damac Suites and Spa. Damac also won a series of regional and international awards, including being named as Developer of the Year in the Big Project BGreen Awards.