Hussain Sajwani, the chairman of Damac Properties in Dubai has said that the Dubai property market would take about up to two years to recover. The chairman of the leading property developer in Dubai has said this in a statement.
“I anticipate it’ll take at least 12 to 24 months to see a substantial recovery. 2020 was a very tough year for all property developers in the UAE and Damac felt the negative impact just the same,” Hussain Sajwani said.
“The lasting effects of Covid-19, which has devastated economies across the globe, has understandably impacted the profit margin at Damac. With global lockdowns, travel restrictions and the dip in global travel, Dubai’s property market has been adversely affected,” he said.
The revenue of Damac Properties has increased 6.2 per cent from Dh4.4b in 2019 to Dh4.67b last year, while booked sales stood at Dh2.3b in 2020 as compared to Dh3.b1 in 2019. It delivered 2,945 units in Dubai last year as compared to 4,700 homes in 2019, said the statement.
The gross debt of the company reduced by Dh650 million last year. Shareholders’ equity stood at Dh13 billion at the end of December 31, 2020.