Emaar's apartment sales pick up

Emaar’s apartment sales pick up

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

August 14, 2012 3:16 by Reuters

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 699.3 million dirhams ($190.4 million), compared to 265.6 million dirhams in the prior-year period.

However, revenue from commercial units and plots dropped to 116.2 million dirhams from 596.5 million dirhams during the period. Villa sales also slipped by about 3 percent to 325.6 million dirhams.

Income from the hospitality sector rose slightly to 316.6 million dirhams from 283.8 million dirhams during the period.

The total revenue rose slightly to 2.1 billion dirhams from 2 billion dirhams.

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 975.5 million dirhams compared to 640.5 million dirhams

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.