Major property developers in Dubai post profits this year

Major real estate developers in Dubai, who were facing financial losses during the times of global financial crisis, have now delivered strong profits, indicating that the property crisis in the emirate is easing out.

Although the market still seems oversupplied, with half-empty buildings noticed along the skyline, the recent house price data and earnings show a picture leading to growth.

Four years, after the property market hit its peak, following the construction freeze, the developers are now seen completing their projects, and buyers have returned to the market. Dubai has been further benefited by the Arab Spring that boosted demand for regional havens and the vibrant tourism sector that improved confidence in the emirate.

The government-owned real estate developer, Nakheel, shook global markets back in 2009, when it nearly defaulted on its debt, reporting 36 percent increase in net profit during the first six months. Handover of completed properties improved the outlook of the company, too.

via Major property developers in Dubai post profits this year.