Apartment Sales Revenue Doubled For EmaarWednesday, August 15, 2012
Emaar reports that the revenue earned from apartment sales in Q2 of 2012 has more than doubled as compared to the amount earned in same period last year. The developer also confirms a drop in the demand of commercial units and villas in Dubai.
According to news, Emaar has earned AED 699.3 m in apartment sales during the second quarter of 2012 as compared to the AED 265.6 m from second quarter of 2011. The drop observed in revenue generated from sales of commercial units during Q2 2012 (AED 116.2 m) as compared to that of Q2 2011 (569.5 m) is also notable. A drop of 3 percent was also observed in the profit earned from villa sales this year.
However, the overall value of all the units sold by Emaar during 2012 has risen slightly from AED 2 bn of 2011 to AED 2.1 bn. Considering the demand and value of apartments sold by the developer in Q2 2012, the value of Emaar’s shares rose by 0.6%, giving it a hike of 35% in 2012.