DUBAI (Reuters) – Dubai developer DAMAC Properties on Sunday reported a net loss of 1.04 billion dirhams ($ 283 million) for 2020, far deeper than the 37 million dirham loss a year earlier when sales fell during a pandemic coronavirus.
The owner of the same Trump-owned golf course in the Middle East, based in Dubai, said the emirate’s property market in general had been adversely affected by the pandemic.
Sales were contracting 26% to 2.3 billion dirhams, DAMAC said in a statement. Revenue, which includes previously recognized sales in the annual reporting period, grew 6.2% to 4.67 billion dirhams.
The pandemic has put additional pressure on the real estate market, where supply has far outweighed demand for new houses and flats in a market where the majority of the population is foreign.
($ 1 = 3.6729 UAE dirham)
Written by Alexander Cornwell; Edited by Kenneth Maxwell and William Mallard