Dubai developers post revenue gains despite sharp drop in new sales

Emaar, a prominent Dubai property developer, posted a 21% rise in revenue for the first half of the year even as its new-sale figures dropped 42% due to fewer project launches than the prior year. Wider market indicators confirm a similar trend, with Dubai’s overall property sales declining about a third in the second quarter, according to land-registry data, while price appreciation that had surged nearly 70% over the five years before the war has essentially plateaued.

The emirate’s real-estate sector has endured previous downturns, notably a 50% price collapse after the 2008 financial crisis and another decline from 2014 to 2020. Five months into the US-Iran conflict, transaction activity remains subdued, yet prices have stayed more stable than in past crashes. Arada, another local developer linked to the family of Saudi billionaire Prince Alwaleed bin Talal, blamed wartime delays in building-material shipments for a 29% fall in its earnings.