Damac will not launch new projects in 2020

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Source: Davos – Alaa Al-Menshawi

The president of Damac Properties said that his company, in exclusive statements to “Al Arabiya.net”, will not launch new projects in Dubai this year, indicating that it will continue to complete the projects that are being implemented.

On the performance of the sector, Sajwani said on the sidelines of the World Economic Forum in Davos, that the foundations of the real estate sector in Dubai are very strong in terms of stability, frameworks and initiatives.

Sajwani pointed out that the real estate sector in the long term is “very strong”, while in the short term it witnesses the display of more real estate units.

He explained that it is impossible to stop completing the projects that are being implemented, or the projects from which units were sold.

He explained that in the last three months, most government companies have reduced the supply in the market.

“The government has taken a number of incentive initiatives that support the movement of the real estate sector, including long-term residency, the tourist visa for 5 years, and real estate prices in Dubai have reached stability and will maintain it in 2020.”



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