Deyaar had a fourth-quarter net loss of 1.77 billion dirhams, Reuters calculated, in comparison to a net loss of 182.18 million dirhams during prior-year period.

The losses reflected the extremely difficult market conditions last year, the company said in a statement.

The developer, which rivals Emaar Properties and Union Properties, said it handed over four projects to date in the first quarter of 2011.

“As we enter a period of increased stability in the UAE property sector, in line with more positive macroeconomic conditions, Deyaar now looks to 2011 with renewed confidence,” Saeed Al Qatami, chief executive of Deyaar, said in a statement.

The company manages over 14,000 commercial and residential units in the UAE.

It said in December that the handover of units would boost its liquidity.

Dubai’s property sector was hit hard by a property downturn, with billions of dollars worth of projects put on hold or canceled, while property prices slumped as much as 60 percent.