Home Real Estate Dubai’s Emaar Properties reports 7.2% rise

Dubai’s Emaar Properties reports 7.2% rise

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A logo of Dubai's Emaar Properties is seen on a building in Dubai, United Arab Emirates January 12, 2018. REUTERS/Ahmed Jadallah - RC17AF7BEAE0

Dubai’s major registered developer Emaar Properties reported a 7.2 percent mount in first-quarter profit helped by a noteworthy jump in sales.

They are mainly known for their development of Dubai’s Burj Khalifa, the world’s tallest tower. It was stated that it made Dhs1.74bn ($474m) in the three months to March 31 compared with Dhs1.63bn the previous year.

Proceeds increased to Dhs5.89bn, according to a bourse statement. It reported revenue of Dhs5.59bn for the first quarter of 2018.

Property sales climbed 53 percent to Dhs5.98bn, Emaar stated, increasing its sales build up to Dhs50bn.

Housing prices in Dubai have been dilapidated ever since hitting a peak in 2014 owing to surplus supply and muted appetite.

Emaar mentioned that its sales to global investors more than doubled in the first quarter.

Savills has said Dubai’s suburban real estate prices could fall by 5 to 10 percent this year owed to fresh supply, a strong dollar, and lower oil prices.

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