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Dubai-based real estate developer Damac Properties has announced a partnership with Abu Dhabi Islamic Bank (Adib) to offer financing solutions for off-plan properties once construction reaches 35% completion.

In an official statement, Damac said it is the first developer to offer such a financing option.

The statement added: “This financing plan enables residents and investors to secure prime properties and benefit from market appreciation.”

Damac’s move comes after Dubai’s real estate activity reached record activity levels last year, with over 180,900 real estate transactions worth AED522bn ($142bn) taking place.

The initiative aims to make premium real estate accessible to a broader pool of buyers, said Amira Sajwani, managing director of sales and development at Damac.

In February, Damac also completed its largest sukuk transaction to date, raising $750m with a 3.5-year senior unsecured trust certificate.

The sukuk, which has a profit rate of 7% a year, will mature on 26 August 2028.

The offering received substantial interest from both international and local investors.

This followed Damac’s deal with Hong Kong-based Mantra in January to tokenise real-world assets (RWA) worth at least $1bn in the Middle East, which can then be owned and traded.

According to Mantra, its collaboration with Damac Group will “enable token-based financing for a diverse range of assets, spanning real estate, hospitality, data centres and other critical sectors”.

The move aims to rapidly fuel the adoption of RWAs through fractional ownership and tokenisation of real estate in the Middle East, the firms said.

The partnership seeks to address traditional limitations in real estate investment and open up opportunities for investment in the Middle East’s property market.

According to a recent report by Property Monitor, there were 14,413 off-plan sales transactions in Dubai in January. Damac accounted for 15.8% of all off-plan sales transactions during the month.