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Damac tops out UK's Nine Elms, grows despite Brexit uncertainties

UAE real estate developer says it has sold half of Nine Elms' north tower units despite price declines due to Brexit-driven upheaval

Damac's Nine Elms north tower in London.
Damac Properties
Damac's Nine Elms north tower in London.

UAE real estate developer Damac Properties has topped out the northern tower of its first London development, Damac Nine Elms, after laying the final floor slab of the project, revealing that it had sold half of the project's units despite a decline in prices arising from uncertainties around Brexit.

The 50-storey tower comprises studios, and one-, two-, and three-bedroom apartments, as well as 'winter gardens' that offer views of the city.

The construction milestone follows the completion of Nine Elms' southern tower in August 2019.

Commenting on the project, Damac’s senior vice president, Niall McLoughlin, said: “Being our premier development in London, and the first in Europe to be designed in partnership with the legendary Italian fashion house, Versace Home, Damac Tower Nine Elms has been a very exciting project for us. 

"With over half of the units sold, we have received great interest from investors who are seeking premium branded real estate in London.

"Despite the uncertainty in the UK’s political environment, there is a good demand for new homes, and declining prices and fluctuations in the British pound make for an ideal market for both international investors and buyers.”

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Construction Week - Issue 758
Feb 08, 2020