Property in Dubai
Dubai realtors revenues drop by half
The revenues of realtors in Dubai have reduced by half over the past one year, compelling them to cut costs in the best possible manner, including layoffs.
Large and small property brokerages have reported losses which run into high double-digits.
Elysian Real Estate reported a 60 percent decline in sales commission earnings, as it recorded a drop in sales volumes by nearly 50 percent.
The profits of Harbor Real Estate dropped 38 percent during the period between the first half of 2008 and first half of 2009. The revenues dropped 40 percent over the past one year, while, the sales volume saw a 70 percent decrease.
The trading levels of Gowealthy dropped 40 to 50 percent in a year’s time, compared to previous averages. Indiana Real Estate revealed that it recorded a drop of 70 percent in revenues during the same period.
Posted on 25/8/2009