The Damac Group, one of the largest real estate development companies in the Middle East, has announced that its shooting conversion rate has significantly dropped since the start of the year.

According to the company's latest quarterly report, the shooting conversion rate for Q1 2022 was only 6%, compared to 8% for Q4 2021 and 7% for Q3 2021. This drop in conversion rate is likely due to several factors, including increased competition from other developers and changes in market conditions.

The company has attributed the decline in conversion rate to a number of factors, including the high cost of living in Dubai and the impact of the COVID-19 pandemic on the local economy. The company has also noted that the rise in mortgage rates has made it more difficult for buyers to secure financing, which has further contributed to the drop in conversion rate.

Despite these challenges, the company remains optimistic about the future prospects for its real estate projects. The company has invested heavily in its projects and continues to attract a significant amount of interest from potential buyers. However, the company will need to continue to adapt to changing market conditions if it wants to maintain its strong performance going forward.

• Shooting
• Conversion
• Rate
• Damac
• Hamdallah