Property in Dubai 'holding up well'

A developer of property in Dubai has reported that sales and construction continue to be strong despite the worldwide economic downturn.

Damac Properties says that the first six months of the year has seen numerous homes sold to owners and plans for more developments formulated.

Hussain Sajwani, chairman of the company, says that the numbers are particularly pleasing in light of market conditions.

"The progress that we have made this year on handing over properties to customers, continuing construction on site and even the awarding of new contracts would be impressive even if we were operating under 'usual' business conditions," he explains.

Mr Sajwani adds that the second half of the year will hopefully see continued evidence of recovery in the market.

In related news, real estate developer Deyaar recently announced that it has raised half of the money needed to buy a selection of distressed property in Dubai.