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UAE: Emaar Development records 66% increase in property sales for the first nine months of 2024

Revenue for first nine months of 2024 grew by 69 per cent to Dh12.5 billion

Emaar Development PJSC, the UAE’s premier property development company majority-owned by Emaar Properties PJSC, said on Monday that property sales rose by 66 percent to Dh48 billion ($ 13.1 billion) during the first nine months of 2024.

This compares to Dh28.9 billion for the same period in 2023.

In the first nine months of 2024 (January to September), Emaar Development reported a revenue of Dh12.5 billion and earnings before interest, taxes, depreciation and amortisation (Ebitda) of Dh6 billion, 69 per cent and 35 per cent higher than first nine months of 2023, respectively.

With a continued uptrend in sales, Emaar sales backlog has reached Dh83.7 billion, 47 per cent higher than December 2023, to be recognised as revenue in the coming years.

Mohamed Alabbar, founder of Emaar, commented: “Our performance this quarter reflects the confidence and trust that our customers place in Emaar’s vision. By continuing to innovate and stay ahead of market trends, we create experiences that resonate with evolving lifestyles. Our strategy is centred on adding sustainable value for both our customers and shareholders, driving growth that aligns with Dubai’s ambitions.”

Dubai’s rapid population growth has further solidified its position as a global hub for trade, financial services, logistics, travel, and hospitality. With the city’s population nearing 3.8 million and continuing to rise, demand for housing, infrastructure, and services is expanding at an unprecedented pace. This growth is also driven by emerging sectors such as technology, renewable energy, healthcare, and education, attracting a diverse community of skilled professionals.

“Emaar Development’s strong sales in the first nine months of 2024 reflect the region’s ability to accommodate this population surge while sustaining high levels of investment and economic growth,” a company statement said.