Dar Global, the luxury property developer listed on the London Stock Exchange (LSE), has reported a net loss for the first half of 2024. The company, which specializes in high-end residential projects across key markets, highlighted market shifts and fluctuating costs as key factors contributing to the loss. Dar Global, a spinoff from Dubai-based Dar Al Arkan, had made waves in the real estate sector, aiming to establish itself as a dominant player in the luxury property market.
However, the challenges faced in the first half of the year have tempered investor expectations. The developer, which primarily operates in Europe and the Middle East, posted a loss of $8.6 million for the six-month period ending June 30.
This result contrasts sharply with its profitable performance in 2023, when it capitalized on strong demand for luxury real estate in prime locations like London, Riyadh, and the Spanish coast. CEO Ziad El Chaar attributed the downturn to a combination of higher costs and softer-than-expected demand, particularly in the company’s flagship developments. The company’s key projects, such as the £600 million W Residences in London and the urban resort in Marbella, have faced construction delays and cost overruns.
Both developments were initially expected to drive revenue growth in 2024, but their prolonged timelines have weighed heavily on the company’s financials. In a statement to the LSE, Dar Global noted that higher interest rates and inflationary pressures, p.
