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FINANCIAL NEWS
DAMAC revenue increase 11 percent in Q4
03 Feb 2015
(MENAFN) DAMAC predicts the UAE’s property market to stabilize in 2015, before supply shortages enhance prices in 2016-2017, said its chief executive, reported the Gulf Times.
After reaching its peak in the 3rd quarter of 2008, Dubai house prices dropped 49 percent to the market bottom in the 2nd quarter of 2009, based on Cluttons Consultants, resulting the Emirate’s debt crisis.
DAMAC gained a profit of USD249.8 million since October 2014, based on a company statement, compared to USD225.1 million the same period a year earlier.
DAMAC’s yearly profit was USD937 million for 2014, which is higher by USD296 million compared to 2013, the company said in a filing to London’s bourse.
“I see Dubai’s property marketing stabilising in 2015, but 2016-17 there could be some shortage in supply,” DAMAC chief executive told Reuters.
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