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Luanda is on the brink of witnessing a significant transformation in its luxury real estate market. The Futungo condominium, located in the iconic neighborhood of Futungo de Belas, is set to be completed by DAMAC Properties, one of the world’s most prestigious real estate companies, headquartered in the United Arab Emirates.
Founded in 2002 by Hussain Sajwani, DAMAC Properties is globally renowned for developing residential, commercial, and leisure projects that redefine the concept of luxury. The company is part of the DAMAC Group, which has been shaping the luxury real estate market in the Middle East since 1982 and has expanded its influence to countries such as Saudi Arabia, Oman, Lebanon, Jordan, the United Kingdom, and now Angola. Despite competing with major players like Emaar, the developer of Dubai’s iconic Burj Khalifa, DAMAC has established its reputation as a powerhouse in the sector.
The Futungo condominium was previously under the custody of the Ministry of Public Works, Urbanism, and Housing after being seized by the Attorney General’s Office (PGR). This seizure was part of an initiative to recover assets acquired through state funds that had been misappropriated, formerly linked to generals Leopoldino Nascimento “Dino” and Hélder Vieira Dias “Kopelipa.”
Now, with construction already underway, the Futungo project promises to breathe new life into the area. The expectation is that the new Futungo condominium will redefine luxury standards in Angola, positioning the capital as one of Africa’s most promising destinations for real estate investment.
