Emaar posts 17% drop in Q1 villa sales revenues

May 18, 2014 11:43 am

Emaar Properties has reported a 17% drop in revenue from villa sales in the first quarter of the year, as the Dubai-based property developer extracted more income from malls and hotels instead, Reuters has reported. The builder of the world’s tallest tower generated revenue of Dhs256.91m ($69.94m) from sales of villas in the first quarter compared to Dhs308.73m in the corresponding period in 2013, the firm said. Revenue from sales of apartment blocks, commercial units and land rose by just 2.9% year-on-year to Dhs653m, it said.