<p class="MsoNormal">Dubai’s property market was affected badly due to the COVID-19 pandemic as its biggest property firm Emaar Properties reported a near 58% drop in net profit, while rival DAMAC Properties posted a $283-million (1.04-billion dirham) net loss for 2020.</p><p class="MsoNormal">While years of oversupply of new houses and apartments have affected the market dominated by foreigners, the pandemic too played its role.</p>
