Dubai developers face challenges while Aldar maintains stability in Abu Dhabi.

Last year saw a divergence in the fortunes of property developers in Dubai and Abu Dhabi. Emaar Properties PJSC, based in Dubai, reported a significant 58% decline in profit, while Damac Properties PJSC recorded its second consecutive full-year loss, highlighting the impact of oversupply exacerbated by the COVID-19 pandemic. In contrast, Aldar Properties PJSC in neighboring Abu Dhabi fared better than Emaar and Damac, posting a profit nearly unchanged from the previous year, thanks to government contracts. Dubai has been particularly affected by a property glut and weakening demand, leading to a more than 30% decrease in home prices since the market’s peak seven years ago, a decline further aggravated by the pandemic. In response, the government established a committee last year to manage supply and demand, while property developers temporarily halted new projects.

ArabMLS Founder

Ahmed Elbatrawy, who leads the Arab MLS platform, aims to simplify property transactions in the Middle East, paving the way for unprecedented global investment opportunities.

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