Home Industry Real Estate Dubai’s Damac reports 45% Q1 profit dip amid weak property market The results came as Dubai is under pressure due to lower property prices and subdued sales by Reuters May 15, 2018 Follow us Follow on Google News Follow on Facebook Follow on Instagram Follow on X Follow on LinkedIn Dubai’s Damac Properties , owner and operator of the only Trump-branded golf club in the Middle East, posted a 45 per cent drop in first-quarter profit from a year earlier although profit rose marginally from the previous quarter. The results came as Dubai, its core real-estate market, is under pressure due to lower property prices and subdued sales as new developments hit the market. Read: Dubai property rents down up to 5% in Q1, similar slump expected in Q2 DAMAC’s net profit was Dhs484m ($132m), down from Dhs880m a year earlier, it said in a statement. Arqaam Capital had forecast a net profit of Dhs635m and EFG Hermes’ projection was Dhs610m for first-quarter net profit. Read: Dubai real estate slump to continue for another two years – S&P DAMAC’s net profit, however, was above its fourth-quarter profit of Dhs459m, the company said. Read: Dubai property firm Damac sees Q4 profit dip 47% Residential property prices in Dubai registered a 12-month decline of 2 per cent on average, while rents declined by up to 5 per cent in some areas, according to real estate consultancy Cavendish Maxwell. 0 Comments