S&P upgrades Damac

S&P said it boosted Damac Real Estate Development Ltd.’s issuer rating to B+ from B.

“A strong rebound in demand for residential real estate in Dubai will help Damac return to growth. With a record number of real estate transactions in Dubai, close to 50% higher than pre-pandemic levels, the rebound of demand for residential property helped Damac post robust presales of AED 7.8 billion in 2021,” S&P said in a press release.

The agency noted demand in the first quarter was equally strong and it sees demand remaining healthy for the rest of the year.

The outlook is positive.

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