Damac Lagoons project in Dubai adds Venice and Malta clusters

Gondola rides and floating flower markets are planned for the project

An artist's impression of the Venice cluster at Damac Lagoons. Photo: Damac

Damac Properties is launching two more clusters at its water-inspired Lagoons development in Dubai.

The new communities — Venice and Malta — follow other clusters such as Santorini, Costa Brava, Nice and Portofino in being themed on locations by the Mediterranean Sea.

Villas and townhouses will be built around "extravagantly large pristine water lagoons with white sanded beaches", Damac said in a statement.

The Malta cluster will feature learning-based amenities including a Building Blocks pavilion, where children can build their own giant houses, and a virtual reality park. A floating flower market will feature colourful boats lined up in the lagoon.

The Venice cluster will feature gondola rides, arching bridges over canals and waterside cafes. A clubhouse will be equipped with a luxury spa and a fine-dining restaurant and bar.

The community concept has been enhanced "so that it feels like residents are on a permanent vacation", said Niall McLoughlin, senior vice president at Damac.

The overall Lagoons development, which was launched late last year, is slated to open in 2024.

Dubai's property market has boomed in the past year on the back of government initiatives, such as residency permits for retirees and remote workers, as well as the expansion of the 10-year golden visa programme and the economic boost from Expo 2020 Dubai.

The market has also benefited from the country's widespread coronavirus vaccination programme, which has kept case numbers relatively low.

The number of home sales transactions in Dubai in the first quarter of the year was the highest recorded since 2010, according to a market report by real estate consultancy ValuStrat.

Dubai registered sales of more than 6,000 ready homes worth Dh13.5 billion ($3.7bn) and 3,600 off-plan properties worth Dh5bn in the first three months of the year, the report said.

Records were also broken this year for the highest price per square foot (set at the Bulgari Resort and Residences) and the sale of the most expensive property in Dubai.

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Developers have also announced new measures to attract more investors.

Last month, Damac said it will accept certain cryptocurrencies for property transactions as part of efforts to offer more flexibility to investors.

It will enable the conversion to fiat and the sale of property to holders of Bitcoin and Ethereum, it said.