Damac Properties announced that it collected 3.67 billion dirhams in installments for residential units sold in its projects under development during the first half of this year, at a rate of approximately 600 million dirhams per month.

Adel Taqi, the company’s Chief Financial Officer, attributed the strong collection performance and the decline in delinquency rates to several factors, most notably the accelerated pace of completion of the company’s real estate projects, which has bolstered buyers« confidence and made them more diligent about paying their installments on schedule.

Taqi noted that the process of collecting installments from customers is performing strongly, with the delinquency rate among customers falling to less than 2%, which is lower than internationally accepted standards for collecting installments on real estate projects from buyers.

DAMAC’s CEO confirmed that the company will begin handing over residential units in its flagship »Akoya« project during the fourth quarter of this year, in accordance with the previously set schedule, which reinforces the company’s credibility with its customers. The project’s investment cost amounts to approximately 25.69 billion dirhams, and it is scheduled for completion in 2020. The project’s original development area is 28 million square feet, to which was added the expansion of »Akoya Park,” which spans 14 million square feet, bringing the total area to 42 million square feet, including 4.3 million square feet dedicated to a private park—the first of its kind in the region.

Taqi expects to deliver 1,500 residential units during the second half of this year, following the delivery of 1,511 units in the first half, bringing the total number of units scheduled for delivery this year to approximately 3,000 residential units.