DUBAI REALY PROPERTY FACES TOUGH TIMES

     

DUBAI: The UAE’s real estate sector is caught in a tight bear hug. And it’s not limited to what has been happening to property and construction stocks listed on the local bourses.  With a few exceptions, the first-half financials for the property majors have ranged from indifferent to abysmal. Union Properties saw a precipitous decline in revenue by 55 per cent in the first six months of the year from a year ago, while its net profit took a 93 per cent dive Gulf News. Deyaar, meanwhile took a 72 per cent hit on its revenue numbers, but profit got a 24 per cent boost from one-off write-back of provisions.