Damac records strong quarter, marks recovery

The company recorded off-plan sales of US$819 million, up 32%, and hopes to deliver over 4,000 properties by the end of the year. Damac recorded a strong second quarter ahead of its listing on the Dubai Financial Market and predicted it would deliver more than 4,000 properties by the year's end.
The company recorded US$819 million in off-plan sales, up 32% year-on-year.
Hussain Sajwani, the founder and chief executive of Damac, told The National: “customer demand for our luxury product remains high, and we strongly believe that the current real estate market in Dubai remains sustainable, supported by a structural and ongoing supply-demand imbalance for high-end property.”
Harshjit Oza, an analyst at Naeem Brokerage, wrote in a research note: “Damac [is] a growth story, given its Dubai exposure and a promising pipeline of projects within the high-end residential and hospitality sectors. We expect real-estate demand in Dubai to continue being resilient and view Damac as a key beneficiary.”

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