A decline in profits by 69% in the Q2 has been reported by Deyaar Development PJSC, which put a quarter of its projects in Dubai on hold; the blame of which it puts on a slump in property prices in the Emirates.

A fall by Dh75.4 million ($20.5 million) was recorded in net income. Earnings per share were not provided by Deyaar.

According to Bobby Sarkar, an analyst at Al Mal Capital PSC in Dubai, "The results are pretty much in line with expectations. They were affected by the downturn and unable to sell units."

Chief Executive Officer Markus Giebel said in the statement: "While the global financial crisis continued to impact the company's financial performance during the period, Deyaar performed strongly to move forward with its 2009 business strategy."

It was specified by the Dubai-based developer that it is proceeding with handing over seven projects this year.

During the second quarter, the company delivered five projects, including one in Lebanon. Deyaar concluded that it has a positive operational cash flow with notable liquidity for the future.