My Take (Arnulf Christa): €2.5 billion in order volume within six months from a single developer shows how much the golf market is booming – while Europe stagnates or shrinks. The problem: whoever only builds for Europe misses out on growth; whoever only builds in the gulf depends on economic cycles that are beyond their control.
DAMAC Properties of Dubai has awarded construction contracts exceeding 2.72 billion U.S. dollars (approximately €2.5 billion) during the first half of 2026, demonstrating strong momentum in the Gulf region’s real estate market. The company has successfully delivered more than 50,000 residential units throughout its development history and currently maintains a substantial project pipeline exceeding 55,000 units in various stages of planning and construction.
The contracted projects for 2026 include over 8,800 residential units scheduled for handover across multiple flagship developments: DAMAC Hills, DAMAC Hills 2, DAMAC Lagoons, Chic Tower, and Elegance Tower. In the first half of 2026 alone, nearly 25,000 new residential units were completed across Dubai, representing a 36 percent increase compared to the same period in 2025. This acceleration reflects the strong recovery and sustained growth in residential property demand in the Emirate and demonstrates DAMAC’s capacity to execute large-scale, complex residential projects at scale.
The volume of construction contracts awarded and the pace of project completions indicate robust international demand for residential real estate in the Gulf Cooperation Council region and remain relevant for European general contractors and construction companies with presence in the Middle East market, including German and Austrian building firms with regional operations.
Source: ME Construction News