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DUBAI: The Dubai real estate market could take up to 24 months to fully recover from the impact of the coronavirus pandemic, the chairman of Dubai’s DAMAC Properties said as the company announced a loss of AED1.039 billion ($282.91 million) for 2020.
“2020 was a very tough year for all the property developers in the UAE and DAMAC felt the negative impact just the same,” Hussain Sajwani said in a statement on Sunday to the Dubai Financial Market (DFM).
“However, I anticipate it will take at least 12 to 24 months to see a substantial recovery. We must remain patient and adopt smart and innovative solutions going forward,” he said.
The developer reported revenue for 2020 of AED4.7 billion, down from AED4.4 billion in 2019. At the same time, total real estate sales were down 25.8 percent to AED2.3 billion, compared to AED3.1 billion in 2019. As a result, the company recorded a net loss of AED1.039 billion, compared to a loss of AED37 million in 2019.
The company, which has partnered with former US President Donald Trump’s Trump Organization on a series of Trump-branded golf courses, saw its total assets decline from AED23.8 billion in 2019 to AED21.1 billion last year.
Throughout 2020, DAMAC delivered 2,945 units, compared to 4,700 in 2019.
“With COVID-19 still prevailing across the world, tourism has dramatically fallen, which has been a critical force that drives Dubai’s economy and boosts its property market,” Sajwani said.
Despite the DAMAC chairman’s prediction, figures from online platform Property Finder showed the Dubai real estate sector got off to a positive footing in January.
Last month, the platform reported 3,300 transactions worth AED 6.74 billion, a 15.5 percent increase in terms of volume and 37 percent increase in value, compared with January 2020.