Dubai-based developer Emaar Properties PJSC fared better in the villa and apartment segments in the third quarter, though the slump in property values deepened amid the coronavirus pandemic.
The company had higher income from the sale of villas, apartments and land plots compared with the previous quarter, it said. Emaar, the biggest listed developer in Dubai, last week posted a 48% drop in nine-month profit, but said “things will be in better shape across most sectors by summer 2021.”
The pandemic has aggravated a property slump in Dubai, where oversupply and economic uncertainty have pushed down prices for years. S&P Global Ratings and Moody’s Investors Service said in July that real estate values will drop further in the coming months amid subdued demand.
- 3Q revenue from condominiums sales 2.03 billion vs 1.75 billion dirhams in 2Q
- 3Q revenue from villa sales 686.4 million dirhams vs 492.6 million dirhams in 2Q
- 3Q revenue from sale of commercial units, plots of land and others 557 million dirhams vs 235.4 million dirhams in 2Q
- 3Q revenue from hospitality 151.8 million dirhams 47.7 million dirhams in 2Q
- 3Q revenue from leased properties, retail and related income 917 million dirhams vs 681.9 million dirhams in 2Q
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