Emaar Properties continues to see “sustained” interest from both foreign and local investors, with property sales transactions improving in recent months, the company said. The master developer of Burj Khalifa, which reported on Sunday a 57.99 percent decline in profits for 2020, sold properties worth 10.9 billion UAE dirhams ($2.968 billion) in 2020.
Its total sales backlog now stands at 36.677 billion UAE dirhams, which will be recognized as revenue “in the coming years”.“[Last year’s] performance shows sustained interest from investors, both domestic and foreign,” said Emaar founder Mohamed Alabbar, in an updated statement accompanying the financial results.
“Looking ahead to 2021, we see a world of opportunities – both traditional and technology-driven – that will help us grow in ways and in markets that didn’t exist five or ten years ago,” he added.
The UAE’s property market plunged significantly as a result of the lockdown last year. Although sales started to pick up after coronavirus restrictions eased and economies around the world started to open up, the overall market remains subdued.
According to Hussain Sajwani, chairman of DAMAC, it will take at least 12 to 24 months before the market can see a “substantial recovery”, although some analysts are saying that prices have reached the bottom.
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