I hope you have had a relaxing week. With news hitting the headlines this week of master developer DAMAC’s groundbreaking move to crypto-financed property investments, we thought it would be an excellent time to review the DAMAC developments on our own portfolio.
With its commitment to facilitating property investment for more people and the exceptional quality of its builds, it is easy to see how Damac has become one of the most prominent and popular developers in Dubai.
Now, let’s take a look at all the headlines that caught our attention this week. I always try to summarise the links to save you from having to click through.
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Property News This Week
- Dubai Property Giant Damac Sells $50M Property in Crypto – Dubai is a city that prides itself on embracing the cutting edge of technology and innovation, so it came as a very natural development when master developer DAMAC announced it would be accepting crypto as a payment method for its properties. This week, the idea has become a reality as DAMAC sold its first property for $50M worth of cryptocurrency. It was a challenging transaction requiring the need for an intermediary platform to mitigate the constant fluctuations in the crypto market. Currently, DAMAC accepts Bitcoin and Ethereum as payment and this has boosted the property giant’s popularity among investors. As companies operating in Dubai further explore and embrace new technological advances, it is anticipated that more companies will follow DAMAC and begin dealing in crypto, NFTs and the metaverse.
- Buyers in Dubai Are Looking for Homes that Improve Mental Health – Mobile tech company Kisi has recently conducted a study on work-life balance which details how Dubai residents are among the most overworked worldwide. According to Union Square House, the stress of this living situation has driven at least a quarter of homebuyers to search for properties that are soothing and calming to the mind. Mental wellbeing has become a top priority for these buyers, who are happy to pay a premium for enhanced living spaces and amenities designed for relaxation and stress reduction. Among these, properties with spa-inspired bathrooms, meditation corners and an abundance of space and natural light have become increasingly popular. Other desirable features to reduce depression and provide a safe space include outdoor areas, indoor plants and fit-for-purpose residential communities.
- Dubai Opens First Private Island Resort Accessible Only by Boat – Dubai is a city full of delights and surprises, especially when it comes to real estate. From cloud-high skyscrapers to LA-inspired mansions, the city offers a vast array of tempting real estate for the wealthy to live out their sun-kissed dreams. In another first-of-its-kind opening, Dubai is now also home to a private island resort, accessible by a private jetty, shuttle boat or with residents’ own yachts. Located on the World Islands – World Leading property developer Nakheel has terraformed a collection of manmade islands using dormant sand drenched from the sea bed. The island resort sits on the only liveable island in the archipelago. The resort’s sister hotel, Anantara The Palm Dubai Resort, runs a regular 15-minute transfer service to allow residents easy transportation. Luxury hospitality developer Seven Tides first opened Anantara World Islands Dubai Resort in spring this year, offering guests an immersive Maldives-style holiday, complete with free-roaming peacocks and tuk-tuk transportation.
That is all we have for you this week. If you have any comments or questions on this week’s news summary then please feel free to send us an email at [email protected] – if not, see you next week.