The UAE real estate market could recover to pre-crisis levels up to two years, said a chief executive of Dubai registered developer Damac Properties PJSC.
The real estate market was “taken a long time, maybe 12 to 24 months,” Amira Sajwani, Damac’s Deputy Chief Executive, was hailed as says Zawya news site. “Property prices have fallen, and we expect further reductions in the last quarter of 2020 and into 2021.”
The impact of Covid-19 and a likely decline in the UAE population will hamper the recovery, she said.
Read: Dubai Developer Damac warns against ‘dumping’ property next year
Dubai’s property glut has pushed home prices down more than 30% since 2014.
Damac Chairman Hussein Sajwani warned this month against the risk of companies dumping property in a market already overcrowded. The developer expects a challenging year in 2021, he said.