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Nakheel shows immunity against property slumpMENA

Nakheel shows immunity against property slump

Judging by Nakheel’s sales, you wouldn’t think there is a pandemic affecting the real estate industry at the moment.

Did Nakheel get a hold of a vaccine against property slumps that no one else knows about?!

The UAE developer posted record monthly sales in January at Dh342m. Looking back at the year 2020, they sold Dh2.2b worth of properties.

And what kind of homes did people buy?

Demand for high-end properties with outdoor living areas continues to rise as people look towards alternatives to city apartments with no balcony. Luckily for Nakheel, its portfolio has plenty of these assets.

why it matters
Nakheel's performance is not indicative of how well the industry did as a whole last year. Aldar Properties (ALDAR) and Emaar Properties (EMAAR) even began diversifying away from capital-intensive real estate projects as a way to hedge themselves from the UAE property market. Guess companies that insist on supplying properties will have to cater to the lockdown-prompted change in buyers' preferences, though.