Union Properties, Dubai’s third-largest property developer, reported a loss of Dh227.9 million (US$62m) in the second quarter as the company saw its investment properties lose value.

The company wrote down Dh304m in the value of its rental buildings in the first half of the year, blaming “the current conditions of the property market”.

Most of the Dh1.29 billion in revenue came from the recognition of profit made on previous sales of homes that were delivered in the second quarter. Property developers generally recognise profit for properties as they are finished.

The National