Emaar’s Apartment Sales Pick Up In Q2

Dubai’ Emaar Properties, developer of the world’s tallest tower, the Burj Khalifa, said on Tuesday that revenue from apartment sales more than doubled in the second quarter offseting a drop in sales of commercial units and villas.

Dubai’s largest developer said revenue from the sale of condominiums in the second quarter was Dhs699.3 million ($190.4 million), compared to Dhs265.6 million in the prior-year period.

However, revenue from commercial units and plots dropped to Dhs116.2 million from Dhs596.5 million during the period. Villa sales also slipped by about three per cent to Dhs325.6 million.

Income from the hospitality sector rose slightly to Dhs316.6 million from Dhs283.8 million during the period.

The total revenue rose slightly to Dhs2.1 billion from Dhs2 billion.

Emaar reported in July that its second-quarter profits had more than doubled.

The developer launched its new development ‘Panorama at the Views’ consisting of over 200 luxury apartments earlier this year, which the developer said were quickly sold out.

Revenue from apartment sales for the six months ending June 30 was Dhs975.5 million compared to Dhs640.5 million.

Emaar is one of the better performers among property companies in Dubai as the sector recovers from a roughly 60 percent drop in real estate prices from their peak in 2008.

Shares of Emaar have climbed by 35 per cent this year.