PHOTO
Dubai’s property developer DAMAC Properties said on Friday that the coronavirus pandemic continued to impact the property market and its overall margins in 2021, with revenue for the year falling by more than 36 percent.
Total revenue for 2021 reached 2.967 billion dirhams ($807.7 million), down from the 4.678 billion dirhams recorded in 2020, although losses narrowed to 531 million dirhams from 646 million dirhams over the same period.
“The uncertainty caused by COVID-19 and new variants continued to have ripple effects on the property market, which has subsequently impacted overall margins,” the developer said in a report to the Dubai Financial Market (DFM).
The mega developer had previously reported that it booked 7.8 billion dirhams in sales last year, up from 2.3 billion dirhams in 2020.
(Reporting by Cleofe Maceda; editing by Seban Scaria)
