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.
Comments
Post a Comment