DUBAI: Emaar Properties, Dubai’s largest developer by market value, saw an 85 per cent fall in its income from apartment sales during the second quarter, as demand for real estate continues to fall in the emirate.
Revenues from sale of apartments were 265.6 million dirhams ($72.3 million)in the second quarter, compared with 1.7 billion dirhams in the same period in 2010, Emaar said in a detailed financial statement posted on the Dubai bourse on Sunday.
The builder of the world’s largest tower, the Burj Khalifa, reported a 69 per cent drop in second quarter net profit last month.
Developers in Dubai are struggling after property prices in the emirate plunged by about 60 percent since its peak in 2008.
Revenues from its hospitality grew to 283.76 million dirhams from 236.1 million dirhams, a 20 percent increase, the statement showed.
Income from sale of commercial units and land rose to 596.5 million dirhams compared with 176.7 million dirhams in the prior year. Revenue from sale of villas also increased to 337 million dirhams from 54.4 million dirhams, the statement said.
Emaar shares rose 2.5 per cent in early trade on the Dubai stock exchange. They are down 22 per cent year-to-date.