Shares in five largest real estate firms fall more than 6% on average

Real estate shares in the UAE took another hammering yesterday, as the global financial turmoil continued to hit the Middle East.

The five largest real estate companies listed on UAE markets fell an average of more than 6%, as Dubai’s main index ended 5.14% lower and Abu Dhabi closed down 4.58%. Construction firm Arabtec finished more than 12% lower.

So far this year, shares in Emaar Properties, Aldar Properties, Sorough Real Estate, Deyaar Developments and Union Properties have already slumped by an average of around 50%.

The poor figures of the real estate shares comes as Dubai continues to host its annual Cityscape exhibition.