Damac Properties, a leading luxury real estate developer in the region, has witnessed an overwhelming response from investors for its Vera Residences project located in Business Bay with more than 85 per cent of the units sold on the first day of sales.

The luxury apartments, which boast breathtaking views of Dubai Canal, went on sale on November 4, said a statement from Damac.

With prices starting from Dh499,000 ($135,827) onwards, investors snapped up apartment units in the 30-storey tower, which features elegantly appointed interiors and access to world-class amenities in an attractive and central location in Dubai, it stated.

Due to the high demand, only a limited number of units remain, said a top official.

"The overwhelming demand we witnessed for our latest project Vera Residences reaffirms the success of our strategy to provide investors with the right product at the right price," remarked Niall McLoughlin, the senior vice-president at Damac Properties.

"By listening to what our existing and potential customers want and focusing on product innovation, we are able to present apartment units across a spectrum of prices based on design, amenities and, most importantly, location," he noted.

McLoughlin pointed out that the customers recognise good value and Vera Residences represents an ideal investment opportunity in one of the most desirable locations in the city, with high rental yields that can potentially reach 10 per cent per annum.  

"Thanks to our attractive payment plans, owning a home or investment property is now more attainable," he stated.   

"Vera Residences’ easy payment plan includes an initial deposit of 20 per cent along with DLD registration fees, followed by monthly payments for a 35-month duration, as low as Dh4,990. Furthermore, in the special payment scheme, 40 per cent is due upon completion of the project," he added.-TradeArabia News Service