{"id":22818,"date":"2021-02-18T05:40:45","date_gmt":"2021-02-18T05:40:45","guid":{"rendered":"https:\/\/damacofficial.com\/hussainsajwani\/?p=22818"},"modified":"2025-06-23T06:26:06","modified_gmt":"2025-06-23T06:26:06","slug":"hard-landing-for-dubai-property-means-its-now-a-buyers-market-says-uae-developer-damac","status":"publish","type":"post","link":"https:\/\/damacofficial.com\/hussainsajwani\/hard-landing-for-dubai-property-means-its-now-a-buyers-market-says-uae-developer-damac\/","title":{"rendered":"\u2018Hard landing\u2019 for Dubai property means it\u2019s now a buyer\u2019s market, says UAE developer DAMAC"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\u2018Hard landing\u2019 for Dubai property means it\u2019s now a buyer\u2019s market, says UAE developer DAMAC<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Source:&nbsp;<a href=\"https:\/\/www.cnbc.com\/2021\/02\/18\/dubai-property-market-to-remain-weak-for-next-two-years-uaes-damac.html\">CNBC<\/a>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BY:&nbsp;&nbsp;ABIGAIL NG&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">FEBRUARY&nbsp;18, 2021&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The real estate market in Dubai is likely to remain subdued for the next two years as the city recovers from the Covid crisis, according to a major Emirati property developer.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cI see, still, a soft market for [2021 and 2022],\u201d said Hussain&nbsp;Sajwani, chairman of&nbsp;Damac&nbsp;Properties. That means there will be more potential sellers than buyers of real estate \u2014 and prices are likely to drop, he said.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Consulting firm&nbsp;ValuStrat&nbsp;in January reported that Dubai\u2019s residential property prices fell 12.3% from a year ago.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sajwani&nbsp;told CNBC\u2019s Hadley Gamble that the company is unlikely to start many new projects in the current environment.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe\u2019re going to be continuously very careful, very cautious,\u201d he said Wednesday. \u201cWe\u2019re not going to launch a lot of projects, probably very, very little, if any.\u201d&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dubai has been plagued by an oversupply of property for years, even before Covid-19 hit. Prices have slipped some 30% since the previous peak in 2014, according to a&nbsp;ValuStrat&nbsp;report.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe were having [a] soft landing,\u201d&nbsp;Sajwani&nbsp;said. \u201cAnd Covid made it [a] hard landing.\u201d&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Covid-19 took the world by storm in 2020, as the coronavirus swept from country to country, infecting more than 109 million people globally and killing at least 2.4 million people, according to data compiled by Johns Hopkins University. The pandemic decimated the global economy and few industries were spared.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With the pandemic and the lockdowns that followed,&nbsp;Sajwani&nbsp;said last year was \u201cno time for people to buy property.\u201d&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There has been some demand, he added, but that has mostly been concentrated in luxury villas that are ready for buyers to move into.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sajwani&nbsp;said now is a \u201cgreat time\u201d for people to buy real estate in Dubai, and estimates that resale units could cost 10% less than a new development at this point.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He expects prices to bounce back eventually and said the city will emerge from the crisis stronger.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cI am very, very positive on Dubai in the long term \u2026 supply will reduce and property prices will come back and come back strong,\u201d he added.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.youtube.com\/watch?v=eV23r5eIZv4&amp;feature=youtu.be\">Watch full interview here<\/a>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u2018Hard landing\u2019 for Dubai property means it\u2019s now a buyer\u2019s market, says UAE developer DAMAC Source:&nbsp;CNBC&nbsp; BY:&nbsp;&nbsp;ABIGAIL NG&nbsp; FEBRUARY&nbsp;18, 2021&nbsp; The real estate market in Dubai is likely to remain&hellip;<\/p>\n","protected":false},"author":1,"featured_media":22819,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[194],"tags":[],"class_list":["post-22818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - 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