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According to GM Ziad El Chaar of DAMAC Properties, Dubai property is still an excellent mid to long-term investment. Although the days are gone when people used to make money overnight, the market correction has been for sustainability and long term benefit.
El Chaar said they feel that with the current meltdown in the property market of Dubai, location will be an ever-important factor. In fact, they can offer dramatic individual homes at major locations in Dubai, which would be one thing that will be differentiating them from their competitors.
DAMAC Properties’ flagship project, Ocean Heights will be occupying a major site at the Al Sufouh Road Dubai Marina entrance. The overall completion of the project is scheduled for late summer in 2010, whereas the structural completion is likely to be completed by the autumn this year.
El Chaar also said that they took the early decision to review their construction timetable during the end of 2008. They also feel that this prompt action enabled them to focus on the completion of the construction of their prime projects during the recent challenging times. He also said that none of their projects have been cancelled.