DAMAC Properties calls bottom for weakened Dubai real estate
Dubai’s real estate market faces another few quarters of “soft market conditions” before starting to rebound from late 2019, DAMAC Properties’ (DAMAC.DU) chief financial officer said.
Residential prices in Dubai have fallen more than 15 percent since 2014 and this year DAMAC registered its worst quarter of booked sales since going public five years ago.
“There is a mood of positivity that we are closer to the end of the weak cycle … Fundamentally prices cannot go down much further,” DAMAC CFO Adil Taqi told media at the annual Cityscape property exhibition in Dubai.
Rising oil prices, which have risen to four-year highs in 2018, and an increase in government spending could have a positive impact on the property market next year, Taqi said.