Emaar Properties achieved a profit growth by 17 percent bolstered by the rising property sales in Dubai.
The net profits value of Dubai-listed Emaar Properties reached 1.2 billion dirhams surpassing the company’s predictions by 1.03 billion and meeting Bloomberg’s predictions.
The company’s revenues rose by 16 percent reaching 3.5 billion dirhams compared to 3 billion during the same period of last year.
Emaar stated that a large share of last quarter’s revenues came from selling its luxury off-plan flats which increased by 32 percent compared to the same period of last year.
Rental revenues generated from leasing shopping centres and hotels reached 1.5 billion dirhams. The company’s operations in Egypt generated also 499 million dirhams.
Mohammed Al Abbar, the chairman of Emaar, said that the property sales in Dubai and other markets gained momentum as the company offers unique investment choices for investors in premium locations.
Standard’s and Poor’s expected average house prices to fall further by 10 percent this year.
Dubai properties prices fell by 10 percent last year and yet they are expected to fall further this year due to the strong dollar and low oil prices.