Damac's first Sharia-compliant property set for 2018 delivery
Units in Damac's first Sharia-compliant property will be handed over toward the end of 2018
Completion work has started on Damac's first Sharia-compliant property, the luxury Ghalia tower in up-and-coming Jumeirah Village Circle (JVC).
Ghalia has 727 furnished apartments and the project will be finished this year, Damac Properties claimed.
Located in JVC, the 38-storey tower features studios, one-, two-, and three-bedroom apartments that cost a minimum of approximately $149,000 (AED550,000).
Ghalia has separate fitness, swimming, and dining facilities for men and women to offer customers a Sharia-compliant property that will allow Damac to tap deeper into the growing Muslim market.
Analysts expect to see a long-term rise in the number of Muslim's in the world, which is expected to present an opportunity for companies offering halal products. Euromonitor International, for example, claim Muslim consumers will make up more than a quarter of world's population by 2030, driving demand for halal food, lifestyle products, and real estate.
This trend is why the general manager of operations at Damac Properties, Ali Sajwani, described the Sharia-style property as a "special project" for Damac.
"Ghalia caters to our growing Muslim customers who are seeking luxury living that also complies with Sharia laws," he added.
"Damac strives to provide dream homes and unique living concepts for customers from around the world, and we are thrilled to be completing the tower in 2018, with handover of units starting near the end of the year."