Developer Damac Sees `Difficult Year' Ahead for Dubai Property - Bloomberg:
Damac Properties PJSC sees Dubai’s real estate slump lasting another two years, revising previous projections of a recovery before the city’s much touted World Expo 2020.
“Next year is going to be another difficult year,” Chairman Hussain Sajwani said at a World Economic Forum event in Dubai on Monday. “I would hope by end of 2020, or 2021, we start coming out of this slowdown.”
The developer’s chief financial officer in May said he expected a rebound in Dubai’s real estate market as oil prices climbed and ahead of the World Expo 2020, coveted for its potential to transform the sheikhdom’s economy.
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