Dubai luxury real estate developer Damac tripled its 2013 net profit and plans more new projects this year, it said yesterday, dismissing growing concerns of a new property bubble in the emirate’s real estate market.

Property prices in Dubai rebounded by more than 20% last year, having slumped more than 50% from a 2008 peak before a real estate crash sparked a debt crisis.

Damac, which listed its shares on the London Stock Exchange in December, posted a net profit of $641.5mn last year, against $212.5mn in 2012.

Revenue for the year grew 77% to $1.2bn. The developer, which gave away yachts and sports cars to buyers of its luxury properties during the downturn, said it booked sales worth $2.5bn in 2013, compared with only $661mn the previous year.

“We’re staying focused on Dubai. We are on track to deliver another 5,000 units this year,” Hussain Sajwani, the executive chairman and chief executive of Damac, said. Industry experts have warned of another bubble in the Dubai property market if growth remains uncontrolled. House prices in Dubai will return to pre-crisis highs next year, property consultant Jones Lang LaSalles said last month.

Sajwani said he’s not concerned about a bubble because there is a limited supply of properties in the market.