'Tough' months ahead for #Dubai's property market: DAMAC CEO | ZAWYA MENA Edition

'Tough' months ahead for Dubai's property market: DAMAC CEO | ZAWYA MENA Edition:

The coronavirus pandemic has somewhat eased Dubai’s oversupply problems, but the months ahead will remain tough for the emirate’s real estate market, a top developer said.

Hussain Sajwani, the founder and chairman of DAMAC Properties, said the rest of the year will remain challenging, as the economies worldwide are still reeling from the financial fallout of the outbreak. What he is optimistic about, he added, is the upcoming World Expo in Dubai next year, which could bring in more tourists to the emirate and provide an uplift to the local economy.

“Definitely this year is going to be a tough year, as you know, because it was a lockdown in the world economy and all of that impact of COVID-19. I think next year, especially toward the second half of it, I am quite positive about it because with the Expo and the expectation of the number of tourism (sic) that’s going to come to Dubai,” Sajwani told CNN in an interview on Thursday.

The UAE’s property sector hit a huge slump in March, when businesses and corporate offices shut their doors as part of the precautionary measures to stem the spread of the virus. The closure of the UAE’s borders to international tourist traffic also meant that no potential foreign buyers could enter the country to explore some investment opportunities in real estate.