Image: Emaar
Emaar Development has reported impressive growth for the first nine months of 2024, with property sales increasing by 66 per cent to Dhs48bn ($13.1bn). This marks a significant leap from Dhs28.9bn ($ 7.9bn) during the same period in 2023.
Emaar‘s sustained success comes on the back of 50 new project launches across its major master-planned communities. The company’s performance in Q3 also highlights its ability to meet evolving customer demands while staying ahead of market trends, with continued growth in both revenue and profitability.
For the first three quarters (January to September), Emaar Development posted a revenue of Dhs12.5bn, reflecting a 69 per cent increase compared to the same period in 2023. The company’s EBITDA also saw a 35 per cent increase, reaching Dhs6bn.
This growth reflects the strong demand for Emaar’s diverse portfolio of properties and its strategic focus on innovation and sustainability.
With an order backlog of Dhs83.7bn, up 47 per cent from December 2023, Emaar is well-positioned to continue delivering high-value real estate projects in the coming years. This extensive backlog will translate into future revenues, providing the company with a solid foundation for growth and stability.
Lavita Mansions: Emaar’s new luxury development
In Q3 2024, Emaar unveiled ‘Lavita’ at The Oasis, a luxury community within one of its largest master-planned developments. This exclusive collection of 43 six- and seven-bedroom mansions is situated in a serene waterfront setting. It features four distinct architectural styles tailored to the needs and tastes of its residents.
The development is part of The Oasis, a 100-million-square-foot community that will offer an array of amenities, including wellness centres, boutique shops, and walking trails.
Dubai’s growth fuelling Emaar’s expansion
Emaar’s sales figures also reflect the broader economic dynamics driving Dubai’s real estate market. The city’s population continues to rise rapidly, nearing 3.8 million, with demand for housing, infrastructure, and services reaching new heights.
This growth is fuelled by Dubai’s diverse economy, which spans trade, financial services, logistics, hospitality, technology, renewable energy, healthcare, and education, among other sectors.
Mohamed Alabbar, the founder of Emaar, expressed confidence in the company’s future, emphasising the importance of innovation and sustainable value creation. He said: “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.”
