Damac Towers by Paramount

Key facts

Handover (past)

Q3 2019

Status

Ready

Construction progress

100%

Property types

Apartments

Availability

Available

How Damac Towers by Paramount compares

Entry here is AED 1.1M, against a median of AED 2.7M across the 42 priced projects in Business Bay, which puts it above 1 of them and below 40. The plan opens at 20% down, against a Dubai median of 20%, in line with the market. Handover lands in Q3 2019, alongside 5 other projects completing in the same quarter. DAMAC has 42 projects in our catalogue, 10 of them in Business Bay.

Measured across our own catalogue of Dubai off-plan projects, refreshed with the source listings. Entry price is the lowest advertised unit price in a project, not an average transaction value.

Payment plan

Available units

Amenities

• Fitness Centre
• Eat And Drink
• Swimming Pool
• Dine-In Cinema
• Wellness Features

Location

Damac Towers by Paramount sits in Business Bay.

Master plan

The developer’s own site plan for Damac Towers by Paramount, showing how the buildings, roads and open space sit together.

What you pay, and when

The published payment plan is 20% on booking and 80% after handover. At the AED 1,135,050 entry price, that is AED 227,000 to reserve a unit.

Registration with the Dubai Land Department adds 4% of the purchase price, roughly AED 45,000 at this entry price. Under Dubai's Law 8 of 2007, that 20% booking payment goes into a RERA-supervised escrow account rather than to DAMAC directly, and is drawn down against certified construction progress.

What the entry price works out at

The cheapest unit with a published size is 451 square feet at AED 1,135,050, which works out at AED 2,517 per square foot. Stated sizes run from 451 to 1,517 square feet.

Handover and construction

The handover on record for Damac Towers by Paramount is Q3 2019. Construction was last recorded at 100% complete.

Ownership and residency

The entry price is below the AED 2,000,000 property threshold for the 10 year UAE golden visa, though 2 bedroom units here start at AED 2,900,000 and clear it on their own.

What it costs to hold

Service charges in Business Bay run roughly 14 to 22 AED per square foot per year, on the Dubai Land Department service charge index. Towers inside one community can differ by a factor of two, so treat that as a range to check against the specific building rather than a quotation. On the 451 square foot entry unit that is about AED 6,000 to AED 10,000 a year.

Who it suits

The development is Apartments in studio to 2 bedroom layouts.

What is on site

Shared facilities recorded for Damac Towers by Paramount include fitness centre, eat and drink, swimming pool, dine-in cinema and wellness features. The development is 48 units in total. 39 floor plans are published for it.

Frequently asked