Dubai’s main listed developer Emaar Properties have risen above the expectations to report a 27 percent mount in fourth-quarter profit on Thursday, facilitated by firm performances at its development and hospitality units.
The builders of Dubai’s Burj Khalifa, the world’s tallest tower, alleged it made Dhs1.79bn ($490m) in the three months to Dec. 31, 2018, contrasted with Dhs1.41bn a year previously.
Revenue increased 53 percent to Dhs8.3bn.
EFG Hermes anticipated Emaar would make a quarterly profit of Dhs1.42bn, while SICO Bahrain projected Dhs1.15bn.
Residential prices in Dubai have been dilapidated ever since it has stroked a peak in 2014 owing to excess supply and subdued appetite for new sales.
Savills has said Dubai’s housing real estate prices could plummet by 5 to 10 percent this year owed to new supply, a strong dollar, and lower oil prices.
Dubai’s Damac Properties, owner and operator of the only Trump-branded golf club in the Middle East, accounted an 87 percent descend in fourth-quarter profit earlier on Thursday.