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UAE property firms 2nd qtr hit by low sales

Maktoob Business
UAE property firms 2nd qtr hit by low sales - UAE - property firms - hit - low sales - revenues - financial crisis - Dubai's Deyaar


Property firms in the United Arab Emirates are poised to report weaker second-quarter profits on lower revenues from land and property sales, as the real estate sector continues to suffer in the global financial crisis.



Dubai's Deyaar. the emirate's second-largest developer by market capitalisation, set the tone, reporting on Sunday its earnings for the period slumped 69.5 percent from the previous year.

"Earnings across the UAE real estate board are likely to be weak for the second quarter...with real estate companies unable to book revenues from land sales," said Chet Riley, an analyst at investment bank Nomura.

"Any development delays, which we are starting to see, will not allow developers to recognise sales revenues and may lead to further analyst earnings downgrades," he said.

Property prices have been under pressure since late last year, when the financial crisis and a slump in oil prices ended an economic boom in the Gulf region.


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