Dubai Property Market Heads for Two Difficult Years, Damac Says
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Damac Properties PJSC expects a “difficult” period of as many as two years for Dubai’s property market as the impact of the coronavirus drags real-estate prices down.
“Travel restrictions impacted the economy and the real estate sector and we will see a difficult market for the coming 18 to 24 months,” Chairman Hussain Sajwani said in the company’s earnings release.
“However, we are optimistic that the lead up to the Dubai Expo at the end of 2021 will allow some of the excess real estate supply be absorbed,” he said.
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