Emaar Properties PJSC (EMAAR), the developer of the world’s tallest tower in Dubai, said revenue from apartment sales plunged 85 percent last year. Sales of villas climbed 85 percent during the period.
Income from apartment sales dropped to 1.11 billion dirhams ($303 million) from 7.56 billion dirhams a year earlier, according to Emaar’s financial statement posted on Dubai’s stock market today. Revenue from the sale of villas rose to 959 million dirhams from 517.3 million dirhams. Emaar posted a 27 percent decline in full-year profit on Feb. 14 and provided a breakdown of revenue today.
Dubai’s housing market is hitting bottom after a boom led by speculators collapsed in 2008, causing prices to drop by more than 65 percent. Villas are now attracting more interest than apartments, which dominate Dubai’s market, as rental yields on villas tend to be higher.
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