Emaar Properties , one of Dubai’s largest developers, announced on Sunday that its first-quarter profit rose by 7.2 per cent due to a rise in sales. And that the company achieved 1.74 billion dirhams ($ 474 million) in the first three months of the year until March 31 compared to 1.63 billion dirhams in the previous year.
Revenues rose to 5.89 billion dirhams, according to the bourse statement. With revenues of AED 5.59 billion for the first quarter of 2018. Property sales jumped 53 percent to AED 5.98 billion, increasing its accumulated sales to AED 50 billion.
Residential property prices in Dubai have fallen since it reached its peak in 2014 due to excess supply.
Savills, a global real estate consultancy, said residential property prices in Dubai could fall by 5 to 10 percent this year due to the strength of the dollar and lower oil prices.
Dubai has emerged as a global hub for all businesses including financial services, logistics, travel, hospitality and trade, and is growing steadily in other sectors such as healthcare, technology and clean energy. This growth in these companies is the result of a strong and diverse knowledge base and a community of trained workers. Growth in the knowledge economy is the main driver of growth in real estate sales recorded by Emaar in the first quarter of the year.