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Sunday, February 15, 2009

Dubai Real Estate News



feb 7

Commercial 2412 AED/sq,FT
Apartment 1803 AED/sq,FT
Villa 1514 AED/sq,FT

Feb 14
Commercial 2283 AED/sq,FT
Apartment 1758 AED/sq,FT
Villa 1365 AED/sq,FT

Emaar properties,one of the Middle East's biggest real estate firms and the developer of the world's tallest tower, Burj Dubai is still looking at future investments in oveseas although suffered from a decline in profits.Emmar will continue with the on going construction but will put a hold on new projects.Emmar suffered losses of 202% in the 4th quarter of 2008 due to a Dh1.77 billion writedown.Emaar recorded a profit of Dh0.9204 billion prior to considering the inventory write down and recorded a profit of Dh6.662 prior to the total inventory write down.A bad result of year 2008 is due to global economy crisis which slowed down the real estate market.RAK properties reported net profits of Dh379 million.The profits decreased 24% from 2007 to 2008.To counter the challenge.RAK plans to withdraw some of its investments in real estate funds and land bank.Hence,ongoing projects can still be continued.

2 comments:

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