Dubai: Damac Properties is making a concerted push to attract Chinese buyer interest by confirming Qfang, the real estate services company, as its second sales partner in that market. In June, the Dubai developer had entered a similar arrangement with 5i5j, a brokerage firm.
The China pivot is vital as Dubai’s realty looks to create sales opportunities in key overseas markets. The Chinese buyer already has a substantial role in local transactions, with the 2014 numbers estimated to be around Dh1.27 billion and a 300 per cent gain on 203.
“And the numbers announced last month by the [Land] Department reveal that the total value of real estate investments from Chinese individuals in Dubai during the first eight months of 2015 reached Dh1.17 billion,” said Ziad Al Chaar, Managing Director of Damac Properties.
“This transcending trend of investments from Chinese individual investors and companies reflects a positive sentiment of business practice in Dubai.”
Qfang will market Damac’s portfolio of projects through its 1,200 outlets across 19 cities in China. The firm will also provide its financial services solutions to prospective buyers.
For Damac, which reported Dh3.67 billion as net profit for the first nine months, getting more out of overseas buyers will be key. In the summer, it launched its first development venture in London, and where the take-up rates have been buoyant. Its branded high-rise development in Beirut has completed key construction milestones, while it keeps adding to its project pipeline in Saudi Arabia.
