Staff Report
Dubai, UAE
Emaar Development PJSC, the UAE’s premier property development company specialising in build-to-sell assets and majority-owned by Emaar Properties PJSC, has announced 66 percent jump in property sales to Dh48 billion (US$ 13.1 billion) during the first nine months of 2024, compared to Dh28.9 billion (US$ 7.9 billion) for the same period in 2023. The success of 50 projects launches across all the masterplans during first nine months of 2024 further underscores Emaar’s market leadership and positions the company for sustained future growth.
During this period, Emaar Development generated revenue of Dh12.5 billion (US$ 3.4 billion) and earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Dh6 billion (US$ 1.6 billion), 69 percent and 35 percent higher than the corresponding period in 2023, respectively.
With a continued uptrend in sales, Emaar sales backlog has reached Dh83.7 billion (US$ 22.8 billion), 47 percent higher than December 2023, which will 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.”
During third quarter of 2024, Emaar introduced Lavita at The Oasis, its first community of luxury mansions. Set within a waterfront landscape, this collection features 43 six- and seven-bedroom homes, each reflecting one of four architectural styles. Part of The Oasis, a 100-million-square-foot master-planned community, Lavita integrates wellness centres, boutique shops, and walking trails, with energy-efficient systems and eco-friendly materials woven throughout.
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.
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Also read: Emaar records 33% jump in profits in H1 2024 sales
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