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Emaar Properties, Dubai's largest real estate developer, lost 7.4% in the second quarter, as the property market in the Middle East fell.
The real estate market in Dubai, which has been overpopulated by at least a quarter since mid-2014, has fallen.
Emaar posted net profit of 1.37 billion dirhams ($ 373 million) in April-June, according to Reuters calculations based on a statement released Sunday by the company, against 1.48 billion dirhams in the second quarter of 2018 .
EFG-Hermes estimated that Emaar would realize a net profit of 1.55 billion AED.
Reuters calculations showed that second quarter revenues fell 3.6% to AED 5.68 billion.
Emaar Properties, which has taken control of the world's tallest Burj Khalifa tower, said its half-year profit had dropped 4 percent to 3.1 billion dirhams, while its half-year turnover had dropped by 4% to 11.57 billion dirhams.
Semi-annual sales increased 52% to AED 9.4 billion.
Emaar has not explained the nature of the sales, but its activities are largely related to sales of residential properties.
The company has not responded to a request for comment by e-mail.
The total value of the Emaar projects for sale amounted to AED 49.2 billion as at June 30 and the company stated that this would be accounted for as a sales figure over the three to four years. coming years.
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