Whoops.

The NEW YORK TIMES is reporting that Emaar is taking a huge hit this quarter:

Dubai-based Emaar Properties (EMAR.DU), the largest Arab real-estate developer by market value, reported its slowest rate of profit-growth in the first quarter in at least two years as the U.S. housing market cooled.

The earnings missed even the smallest profit-forecast of four analysts polled by Reuters last month.Net income in the three months to March 31 rose 13.3 percent to 1.72 billion dirhams ($468.5 million), or 0.28 dirhams per share, compared with 1.52 billion dirhams, or 0.25 dirhams per share, in the year-earlier period, Emaar said.

Compared with the fourth quarter, revenue fell almost 30 percent. Cost of revenue tripled to 1.98 billion dirhams.

There may be a silver lining this cloud as per the Reuters:

Dubai's government took a majority stake in Emaar in March by exchanging land for $7.6 billion worth of stock.

The deal could increase Emaar's land holdings in Dubai by 55 percent, giving the developer more room to expand at home until foreign projects start generating profit, analysts have said.

That might actually work to your average Joe's advantage -- the larger the number of housing units available, the cheaper the purchase price or rent, no?