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Dubai property companies listed on the Dubai Financial Market (DFM) are expected to reveal more than 50 per cent growth in the first quarter financial results on the robust recovery of property market in the emirate, according to average estimates of analysts.
Property developers Emaar Properties and Deyaar Development are expected to declare more than 57 per cent growth in their net profits for the first quarter of 2014 over last year?s same quarter, according to Reuters? recent poll of analysts.
Dubai property sector witnessed significant activities since the beginning of the last year and this year it also fuelled by major projects announced and sold by listed firms Emaar and Deyaar and non-listed companies Nakheel and Damac Properties. Dubai was the world?s best performing real estate market during 2013 with price growth nudging 35 per cent, Knight Frank has revealed in a new report.
Property prices in some areas of Dubai have now exceeded previous peaks seen in 2008, according to a new report by Jones Lang LaSalle. The real estate consultancy said that the emirate?s residential market maintained its momentum with average prices increasing 33 per cent year-on-year in the first quarter of 2014, with average rents improving 23 per cent.
Emaar, the builder of the world?s tallest tower Burj Khalifa, is expected to declare a Dh666.51 million net profit for the March quarter, compared to Dh555.9 million profit it reported for the same quarter last year, according to EFG Hermes estimates. Its net profit could be more than Dh1.2 billion for March quarter, according to Cairo-based Beltone Financial and it might be Dh744 million as per prediction of SICO Bahrain.