Dubai's Biggest Developer Can't Shake Off Real Estate Woes
- Emaar Properties’ shares are down about 39% this year
- Investors ignore analyst recommendations to buy the stock
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Emaar Properties PJSC may have the backing of analysts but investors aren’t buying it, deterred by the gloomy prospects for Dubai’s real estate market.
Shares of the developer of the iconic Burj Khalifa skyscraper have lost 39 percent this year, bringing its estimated price-to-earnings ratio for the next 12 months to the lowest level since late 2009. The valuation has prompted six analysts to update their view with either a buy or overweight recommendation. So far to no avail.