Emaar apartment sales jump in Q3

Emaar Properties’ revenue from apartments sales more than tripled in the third quarter, helping Dubai’s largest developer overcome a sharp decline in the sale of commercial units.

By (Reuters)

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Published: Mon 19 Nov 2012, 10:33 PM

Last updated: Tue 7 Apr 2015, 2:46 PM

Revenue from sales of condominiums in the third-quarter more than tripled to Dh567 million ($154.4 million) from Dh183 million in the same period in 2011, a detailed earnings statement released on Sunday showed. However, revenue from sale of villas dropped slightly to Dh123 million from Dh126 million a year-ago.

Income from sale of commercial properties and plot sales generated Dh109 million compared with Dh798.4 million in the prior-year period.

Emaar is one of the better performers among property companies in Dubai. It launched three new real estate projects this year, with residential units generating strong interest.

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