Dubai’s Emaar Properties sees Q3 profit fall 29%

Dubai’s largest listed developer Emaar Properties reported a 29 per cent fall in third quarter profit on Wednesday, below analysts’ forecasts.

The developer of the Burj Khalifa, the world’s tallest building, did not say why profit fell, though Dubai’s property market has been suffering from a prolonged downturn.

Emaar made a net profit of Dhs1.1bn ($299.48m) in the three months to September 30, down from Dhs1.5bn a year earlier.

Revenue fell 5 per cent to Dhs5.3bn.

EFG Hermes had forecast a net profit of Dhs1.4bn, while SICO Bahrain had projected Dhs1.3bn.

Residential prices in Dubai have fallen by more than 15 per cent since 2014 due to excess supply and muted appetite for new sales. DAMAC Properties earlier reported a 68 per cent plunge in third-quarter net profit.

Read: Dubai developer Damac Properties posts 68% drop in Q3 profit

DAMAC has stopped buying land but would consider joint venture agreements with other developers and land owners, chief financial officer Adil Taqi was quoted by Abu Dhabi state-linked newspaper The National as saying on Wednesday.