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Thu 28 Mar 2019 02:01 PM

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Damac profits, sales fall as Dubai property market 'corrects'

Chairman of Dubai-based developer says pace of completions maintained as the market 'continues to correct itself'

Damac profits, sales fall as Dubai property market 'corrects'
Hussain Sajwani, chairman of Damac Properties.

Damac Properties on Thursday big decreases in annual net profit and home sales as the Dubai real estate market continues to "correct itself".

The Dubai-based developer reported total revenue of AED6.1 billion, while net profit stood at AED 1.15 billion, down from AED2.76 billion in 2017.

Booked sales for the same period were reported at AED4.3 billion, down from AED7.5 billion in 2017, while total assets stood at AED 25.2 billion.

During the same financial period, Damac said it delivered over 4,100 units, the highest number of units ever completed by the company within a calendar year. These were spread across flagship projects, Damac Towers by Paramount Hotels & Resorts Dubai, Damac Heights, Damac Majestine, and Avanti Tower, as well as several mid-rise buildings and villas within the Damac Hills community.

Over AED6 billion worth of contracts were also awarded for the Akoya Oxygen community.

Hussain Sajwani, chairman of Damac Properties, said: “Dubai, our main market, and its real estate industry, has matured over the last decade, emerging as a preferred choice of residence for families and working professionals of all backgrounds. Our vision of delivering complete communities reflects this market growth.”

Sajwani added: “In 2018, we maintained our pace of completions, even as the market continues to correct itself, remaining committed to our customers and to our mission of delivering dream homes and unique living concepts."

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