Home Industry Real Estate UAE property market will take about two years to recover – Damac boss 2020 was a “very tough year” for all property developers, said Hussain Sajwani by Bloomberg February 14, 2021 Damac Properties, one of Dubai’s largest developers, said it will take at least one to two years for the real estate market in the UAE to get out of its downturn. “I anticipate it will take at least 12 to 24 months to see a substantial recovery,” chairman Hussain Sajwani said in a statement after Damac posted its second consecutive full-year loss. “2020 was a very tough year for all property developers in the United Arab Emirates and Damac felt the negative impact just the same,” he said. The coronavirus pandemic has aggravated a property slump in Dubai, where oversupply and economic uncertainty has pushed down prices for years. The government last year set up a committee to manage supply and demand, while property developers temporarily halted new projects. Also read: Real estate: New Dubai law issued for cancelled and unfinished projects Damac FY Numbers: Loss: Dhs1.04bn vs loss of Dhs37m (Estimated loss of Dhs904m) Revenue: Dhs4.67bn vs Dhs4.4bn (Estimated drop of Dhs4.43bn) Gross debt: Dhs3.2bn Cash and bank balances: Dhs4.2bn Tags Covid-19 crisis Damac Dubai Hussain Sajwani prices property market Real Estate UAE 0 Comments You might also like Flying Taxis: How Archer aims to revolutionise travel in the UAE UAE to announce petrol, diesel prices for January; will rates drop in 2024? How REITs are unlocking the potential of UAE real estate GCC region M&A blazes trail as global deals decline