Deyaar Development has spelled out its 'next generation strategy' of refocusing on affordable housing and the rental market, after reporting a 74% decline in third-quarter profit.

But Markus Giebel, the chief executive of Deyaar, said comparing this year’s financial statements with last year’s was like 'comparing apples and oranges'.

'You can’t compare the best quarters in the universe to the more difficult quarters,' Giebel said in an interview yesterday. 'We are cash flow positive. We make profits and we have close to no debt. This is what matters to us.'

The National