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DAMAC Set New Development Record

DAMAC Properties launched their 79th tower in five years on Monday making them the busiest privately owned tower developer in the world.

Their core markets in the middle east of the United Arab Emirates and in particular Dubai, Qatar, Jordan, Lebanon and Saudi Arabia have gone through a property boom over the last five years that shows now sign of stopping with DAMAC at the forefront numerically.

Major developments by the company include Business Bay, Dubailand, TECOM Zone, IMPZ, Jumeirah Village and Dubai Marina which has 9 super tall towers planned or under construction at that one development alone.

The 310 metre tall Ocean Heights at the Dubai Marina is already under construction whilst work on the even taller DAMAC Heights that will be 460 metres tall is set to begin sooner than later.

The total of 79 towers does not include those in the offing, only the schemes that have made it to the market so far. It's a figure that puts them only slightly ahead of their nearest rival, Emaar, who like DAMAC are also based in Dubai.

Given the frenetic rate of the building that is going at such a pace many eyebrows have been raised as to whether the demand exists to fill everything going up, it should be interesting to see if DAMAC, and indeed other developers, can maintain this manic building spurt for the next five years.
DAMAC Heights Dubai
DAMAC Heights Dubai