Developer of property in Dubai announces $100m in sales

A major developer of property in Dubai has announced that it generated over $100 million (£61 million) in sales in the first half of 2009.

IFA Hotels and Resorts has revealed that the profits are due to the sale of real estate in the United Arab Emirates (UAE).

Werner Burger, president and chief operating officer at the organisation, said the achievement is particularly uplifting considering the global economic downturn.

"These positive results are driven by successful businesses across all our markets, led by strategies that have promptly responded to fast changing market climates," he explained.

Piaras Moriarty, vice president of client management for the company in the Middle East, said the sale of real estate in the UAE is due to the diverse range of homes available there.

In other news, the BBC recently reported that even large villa property in Dubai is available at knockdown prices at the moment, providing those looking for a place in the sun with even more for their money.