Developer Damac predicts soft market in Dubai for two years

The real estate market in Dubai is likely to remain subdued for the next two years as the city recovers from the coronavirus disease crisis, according to a major Emirati property developer, CNBC reports.

“I see, still, a soft market for [2021 and 2022],” said Hussain Sajwani, chairman of Damac Properties. That means there will be more potential sellers than buyers of real estate — and prices are likely to drop, he said.

Consulting firm ValuStrat in January reported that Dubai’s residential property prices fell 12.3% from a year ago.

Sajwani told CNBC’s Hadley Gamble that the company is unlikely to start many new projects in the current environment.

“We’re going to be continuously very careful, very cautious,” he said Wednesday. “We’re not going to launch a lot of projects, probably very, very little, if any.”

Dubai has been plagued by an oversupply of property for years, even before the pandemic hit. Prices have slipped some 30 percent since the previous peak in 2014, according to a ValuStrat report.

“We were having [a] soft landing,” Sajwani said. “And Covid made it [a] hard landing.”

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