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An image of The Tower at Dubai Creek Harbour. A recent property transaction at Dubai Creek Harbour valued at Dh635 million is one of the largest real estate deals recorded in the emirate in recent years. Image Credit: Dubai Media Office Twitter

A recent property transaction at Dubai Creek Harbour valued at Dh635 million is one of the largest real estate deals recorded in the emirate in recent years. Fam Properties, which closed out the deal, received a certification for the milestone from the Dubai Land Department (DLD).

“We are extremely motivated to receive this certification,” said Firas Al Msaddi, CEO of Fam Properties, who received the certification from Sultan Butti Bin Mejren, director general of the DLD and Marwan Bin Ghalita, CEO of the Real Estate Regulatory Agency. “It surely goes on to say the huge potential of the market.”

The off plan property will be the 40-floor Creek Edge in Dubai Creek Harbour, with a total of 388 units. It will be completed in three years.

Sharing details about the transaction, Msaddi said, “The transaction was a very straight forward process. It was an overseas institutional investor that signed a Sales and Purchase Agreement with the developer. All payments go to the Escrow account controlled by the Dubai Land Department to ensure all funds are strictly deployed towards constructing the purchased property. I always advise reading every line of the SPA (sales purchase agreement) and fully understanding your obligations as well as your rights as an investor.”

Explaining the company’s sales strategy, Msaddi said: “We backed up our offerings with market data, statistics and historical price trends that form a clear evidence of today’s opportunity in Dubai’s market. I can tell you that every single investor who invested in 2010-11 and sold in 2014-15 made a fortune in Dubai. There is a lifetime opportunity for smart real estate investors.”