Damac Properties reportedly expects a difficult period for as many as two years for Dubai’s property market following the ongoing impact of the coronavirus.
The global pandemic has aggravated a long property slump in Dubai, where economic uncertainty has dragged real-estate prices down for years. Real estate prices are expected to drop further in the coming months amidst subdued demand.
However, there is optimism that the lead up to the Dubai Expo, which has been rescheduled for the end of 2021 will allow some of the excess real estate supply to be absorbed.
