Monday 14 November 2011

Emaar apartment sales hit by slowdown in Dubai - The National

Apartment sales by Emaar Properties, Dubai's largest property developer, fell 86 per cent in the third quarter from a year earlier as sales and construction activity slowed in the emirate.

Revenue from apartment sales dropped to Dh183.3 million (US$49.9m) from Dh1.33 billion in the third quarter last year, according to Emaar's detailed financial statement filed yesterday.

The drop was partially offset by an increase in villa sales, to Dh126.4m compared with Dh30.3m in the third quarter last year. Rental income also rose to Dh526m, from Dh435.7m last year.

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