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Dubai / WAM
Damac Properties has awarded Trans Emirates Contracting, LLC, a contract worth AED181,000,000 ($49 million) to start main work construction of Zada, a 26-storey building located in coveted Business Bay neighbourhood in Dubai.
The development is significant given the challenges the property market has faced in current pandemic.
According to a recent survey by the global real estate advisory firm Colliers International, the UAE Real Estate Market has started to see return of normality since the onset of the pandemic.
Another interesting finding from Colliers report is a notable increase in first time buyers. According to Dubai Land Department, August saw an 11.3% increase in sales compared to last August, recording AED4.72 billion in sales. The reasons for the uptick can be attributed to a combination of attractive pricing and the fact that many
people chose not to travel back to their home countries this summer due to the pandemic.