Dubai firm tied to Trump posts loss as virus downturn looms
4 years, 9 months ago

Dubai firm tied to Trump posts loss as virus downturn looms

Associated Press  

DUBAI, United Arab Emirates — Dubai’s largest, fully private real estate developer posted on Sunday its first yearly loss since becoming a publicly traded company, a worrying sign for the sheikhdom’s already-reeling vital property market that’s been hit with the fallout from the coronavirus pandemic. DAMAC Properties, which has business ties to U.S. President Donald Trump and hosts the Mideast’s only Trump-branded golf course, reported a loss of 36.8 million dirhams in 2019 off revenues of nearly 4.4 billion dirhams. It also lowered its ratings for the Dubai real estate juggernaut Emaar Properties, of which the sheikhdom’s sovereign wealth fund owns about a third. “The outbreak of COVID-19 is adding to the strain on Dubai’s already weak real estate market,” S&P said.

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History of this topic

UAE real estate sees steady growth in projects, record transactions in 2024
3 days, 11 hours ago

UAE real estate sees steady growth in projects, record transactions in 2024

Hindustan Times  

The United Arab Emirates 's real estate sector maintained its growth momentum throughout 2024, marked by an increase in real estate projects and infrastructure investments, reinforcing its position as a key pillar of the country's economic growth. According to the official data from the local real estate authorities of the four emirates, the total value of real estate transactions reached …

Dubai’s real estate boom has buyers eyeing creative ways to pile in
1 month, 2 weeks ago

Dubai’s real estate boom has buyers eyeing creative ways to pile in

Hindustan Times  

-- Dubai’s transformation into one of the world’s hottest property markets is increasingly pricing out buyers, leading to a revival of interest in real estate investment trusts and prompting many to turn to fractional ownership apps that require as little as $136 in payments. Dubai’s transformation into one of the world’s hottest property markets is increasingly pricing out buyers, leading …

Dubai's High-End Property Market Faces 47% Decline In Listings Over 12 Months: Report
5 months, 4 weeks ago

Dubai's High-End Property Market Faces 47% Decline In Listings Over 12 Months: Report

News 18  

The number of homes available for sale in Dubai’s prime residential markets, Emirates Hills, Jumeirah Bay Island, Jumeirah Islands and The Palm Jumeirah, has fallen by 47% over the last 12 months to 2,851 properties, according to the latest analyses from global property consultant, Knight Frank. This highlights that the international buyer appetite, particularly among the uber-wealthy, continues to strengthen …

Dubai property market stays strong as demand from ultra-rich continues
6 months ago

Dubai property market stays strong as demand from ultra-rich continues

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Home to the world’s tallest …

Real estate transactions in Dubai hit record high
1 year, 11 months ago

Real estate transactions in Dubai hit record high

Hindustan Times  

Dubai recorded real estate transactions worth more than $143 billion in 2022, the official Dubai Media Office said Monday, calling it a "milestone" for the United Arab Emirate's main business hub. "Dubai's annual real estate transactions have crossed the milestone of half a trillion dirhams for the first time," the Dubai Media Office said in a statement. Russians were the …

Why Dubai’s property market is booming this year
3 years, 7 months ago

Why Dubai’s property market is booming this year

Live Mint  

Dubai's property market is powering out of a six-year malaise as "lockdown dodgers" and wealthy international investors drive a buying frenzy that is breaking records and fuelling an economic recovery. Dubai's rollercoaster property market, which had been in steady decline since 2014, went into flatline after Covid-19 hit last year and the emirate slammed shut its borders, said Zhann Zochinke, …

Dubai luxury home market soars as world’s rich flee pandemic
3 years, 8 months ago

Dubai luxury home market soars as world’s rich flee pandemic

Associated Press  

DUBAI, United Arab Emirates — After nearly three decades in London, Christophe Reech was fed up with the city’s pandemic lockdowns. “Here in Dubai, there’s only one strategy: Business as usual,” said Reech, the chairman of an eponymous group that owns real estate and financial technology companies. “Tons of people are coming in and buying multimillion dollar properties on the …

Dubai: Chimera on a spiral towards its death
4 years, 6 months ago

Dubai: Chimera on a spiral towards its death

Op India  

Dubai is again back in the news but for the wrong reasons. Re-export of imported items account for nearly 75 per cent by value of total Dubai’s exports with only 25 per cent of Dubai’s export-driven by domestic production. Additionally, an even more important point to note is that other the Middle East and Arab countries such as Saudi Arabia, …

Dubai’s property developer Damac reports $10M earnings loss
4 years, 10 months ago

Dubai’s property developer Damac reports $10M earnings loss

Associated Press  

DUBAI, United Arab Emirates — One of Dubai’s largest privately-owned developers, DAMAC Properties, reported on Tuesday $10 million in net loss in 2019, a year after net earnings had reached $313 million. DAMAC’s loss comes amid concerns of an oversupply of new properties on the market, which prompted Dubai’s leadership last year to announce a new committee to review real …

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