Villas remain popular with home buyers as Dubai prices, rents fall by as much as a third since peaking in 2014
Dubai’s property market’s woes aren’t denting appetite for villas just yet.
Emaar Properties said on Thursday revenue from villa sales jumped 90 percent last year to AED7.84 billion ($2.13 billion), the biggest increase across its property segments, according to a breakdown of the 2018 earnings originally released last month.
Home prices and rents have dropped by as much as a third since peaking in 2014 in Dubai, as the Middle East’s financial and commerce hub struggles with an economic slowdown.
The Real Estate & Construction Index on Dubai’s stock market fell 39 percent last year, its lowest level since the global financial crisis in 2008.
But Emaar’s earnings bucked the trend. The developer of the world’s tallest skyscraper in Dubai reported a 10 percent increase in profit to AED6.11 billion, exceeding analysts’ estimates.
Its shares have advanced 13 percent this year, the best start to a year since 2014.