Mohamed Alabbar, founder of Dubai's largest developer Emaar Properties, gave an insight into the company's sales figures at the Sharjah Investment Forum on 15 October. Khaleej Times reported on his fireside chat.
During the recent regional tensions, cancelled purchases at Emaar roughly doubled to about 1,200 a month. That number has since fallen back below 600, which Alabbar described as the usual level. He called the spike temporary.
According to Alabbar, Emaar sells about 4,000 homes a month. Collection of buyer payments held steady throughout the period, which he presented as a sign of customer confidence. At the end of June the company had a revenue backlog of AED 127.7 billion still to be recognised, 8% more than a year earlier.
Alabbar also pointed to stability, safety and the quality of life and education as key reasons why people are moving to the UAE. Emaar says it competes on quality rather than on discounts.
