Emaar's profits fell in the third quarter of the year even though the developer's headquarters were mobbed just last month by prospective buyers desperate for a piece of its latest Dubai project.
Net profits at Emaar Properties for the three months to the end of last month stood at Dh387 million (US$105.3m) - 37 per cent less than it made in the previous quarter and 5 per cent less than the previous year.
Profits were up by nearly a third for the first nine months of the year at Dh1.61 billion, even though revenues fell 4.7 per cent to Dh5.56bn.
Revenues for the third quarter were Dh1.64bn - down 22 per cent compared with the previous quarter and down 12 per cent compared with the same period the previous year.
"The fall in profits is attributable to a slowdown in sales revenues," said Mohammad Kamal, a property analyst at Arqaam Capital.
"We believe this is a function of the timings of the completions of Emaar schemes and very much linked to the technical process and not an indication of any deterioration in the market."
It was Emaar's two non-core property subsidiaries that provided the most revenue. Its hospitality and leisure, shopping malls and retail businesses recorded a total revenue of Dh2.86bn in the first three quarters of the year, 51 per cent of total company revenue and up 17 per cent over last year.
Revenues from the shopping mall and retail business for the first three quarters were Dh1.88bn, up 18 per cent on last year. The hospitality and leisure business recorded revenues of Dh973m up 15 per cent on last year.
Emaar said that the Dubai Mall welcomed more than 44.5 million visitors from January to last month, an increase of 15 per cent on the same period last year and its hotels recorded an average occupancy rate of 83 per cent.
The "positive macroeconomic outlook is reflected in the strength of Dubai's property sector, which is witnessing an ongoing upward price revision as well as a high level of demand for new projects in strategic locations", said Mohamed Alabbar, the Emaar chairman.
"The strong performance of Emaar in the first nine months of 2012 is a clear demonstration of our ability to provide long-term value to our stakeholders through strategic investments in new projects and by strengthening our presence in high-growth emerging markets.
Emaar added that it has set up a new wholly owned subsidiary, Dawahi Development, to build "value homes" at attractive price points across the Middle East and North Africa.
In Saudi Arabia, Emaar said it was developing King Abdullah Economic City, the kingdom's largest private sector-led project that incorporates a port, central business district, industrial and educational zones, homes and resorts.