Emaar Development has seen a 25 per cent increase in property sales this yearEmaar Development has reported a surge in property sales as it sustained its momentum in property sales in Q3.
The company’s property sales increased by 25 per cent, reaching AED28.9bn ($7.9bn) in the first nine months (January to September) of 2023 compared to AED23.2bn ($6.3bn) for the same period in 2022.
This performance is attributed to the 20 successful launches of new projects across various master plans, creating a foundation for future revenue.
Emaar Development property sales
Emaar revealed Palmiera, the latest lifestyle destination launching within The Oasis.
Palmiera brings a unique blend of modern living within the luxury of The Oasis. With an estimated development value of around $20bn for the entire project, The Oasis is distinguished by iconic architectural masterpieces from globally renowned architects and interiors fashioned by famous international designers.
Consistent with Emaar’s promise of unparalleled quality, The Oasis, presents more than 7,000 residential spaces, predominantly expansive mansions and villas, graced with breathtaking vistas of water channels, lakes, and green.
In the first nine months of 2023, Emaar Development reported an EBITDA of AED4.5bn ($1.2bn) and net profit of AED4.1bn ($1.1bn), an increase of 3 per cent and 43 per cent compared to the same period in 2022, respectively.
Emaar Development has a sales backlog of AED59.6bn ($16.2bn), which will be recognised as revenue in the coming years.
Mohamed Alabbar, Founder of Emaar, said: “Our sustained performance in Q3 is a testament to Emaar Development’s dedication to excellence and keen market insight.
“The upward trend in our sales backlog is indicative of the unwavering trust our clients place in our ventures.
“It’s a reaffirmation that our developments continue to resonate with the market’s aspirations.
“Such milestones not only position Emaar Development at the forefront of the industry but also reinforce our commitment to consistently enhance value for our loyal shareholders”.
In the first nine months of 2023, Emaar Development delivered more than 7,800 residential units in prime locations, including:
Dubai Creek Harbour
Dubai Hills Estate
Emaar has delivered more than 66,000 residential units as of September 2023, with over 27,000 residences currently under development in the UAE.