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16-05-21
Damac’s sales decrease in first three months of 2021
(MENAFN)Damac, the Dubai developer behind some of the emirate’s glitziest property projects, while sales almost decreased, the company announced an expanding first-quarter loss.
A first three months drop of 189.6 million dirhams (USD51.6 million) was proclaimed by the developer in a stock exchange filing, compared to a fall of 106.1 million dirhams in the preceding year. Revenues decreased by half to about 642.2 million dirhams.
A recovery in command for high end properties in latest weeks was set as transaction activity in the secondary market increased. But at the same time, off-plan sales remain under pressure.
Dubai’s GDP enlargement is estimated to recover as real estate remained pinched, according to S&P.
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