Looking for Cheap Real Estate in Dubai? Check The Stock Market - Bloomberg:
Dubai is famous for its high skyscrapers and lavish lifestyle, and owning real estate in the sunny Gulf city may sound like a non-affordable dream for many people. By contrast, stocks of its biggest property owners and developers are becoming increasingly within reach.
Shares of Emaar Properties PJSC, the developer of the world’s tallest building and an icon of Dubai, can be bought at the lowest valuation since 2010. Competitor Damac Properties Dubai Co PJSC, known for its business ties with U.S. President Donald Trump’s family company, traded earlier this year at the cheapest price-to-earnings ratio in more than 17 months.
Both stocks have tumbled more than 30 percent this year as real-estate prices in Dubai have dropped and domestic demand has faltered, prompting the government to announce a series of measures to stimulate the economy. Earlier this month, S&P Global Ratings cut the credit worthiness of two local companies, including one that owns properties in Dubai’s financial center, citing deteriorating credit conditions.
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