Emaar Properties, the UAE’s biggest developer by market value confirmed that it had sold 409 units in a property project in Syria.

Emaar IGO, a venture between Emaar Syria and IGO delivered 315 units at the Eighth Gate project near Damascus in the past 6 months despite widespread political unrest in the Arab state. The revenue relating to such units was recognized in the fourth quarter of 2010 and the Q1 of 2011.

In a previous statement, the company said work continued to progress at a brisk pace with more than 600 workers on site.

The builder of the world’s tallest tower said in May that revenue from apartment sales declined 81% in the Q1 and 50% from villa sales amid weak property demand.

Syria’s underserved real estate market has attracted a number of Gulf companies keen to expand beyond their domestic markets in the wake of decreasing returns.

Palmyra Real Estate, a unit of UAE property developer Belhasa International, and Majid Al Futtaim Properties are among firms that have announced projects in the Arab country. But weeks of violent unrest in Syria aimed at ousting long term President Bashar Al Assad has forced a number of projects to be scaled back or suspended.

(Sourced from www.arabianbusiness.com)