Dubai real estate colossus Emaar Development caught property sales increase by 50% to AED12.9bn ($3.5bn) in Q1 2024, analogized to AED8.6bn ($2.3bn) in Q1 2023.
This performance resulted from Emaar Development’s successful property launches, which created an excellent revenue pipeline for the future and marked steady progress toward the company’s strategic initiatives to cement its position as a trusted developer further.
Emaar Development launched ten projects across various master plans during the first quarter of 2024.
Emaar Development announces new Dubai projects
During the first quarter of 2024, Emaar significantly acquired a land plot measuring 60 million square feet near The Oasis masterplan, with a development value of AED41bn ($11bn).
This completes the 81 million square feet of land bought in December 2023 in the exact location.
Emaar also announced the launch of the Heights Country Club and Wellness and Grand Polo Club and Resort, which span 141 million square feet of land and have a combined development value of AED96bn ($26bn).
Expected to improve Emaar’s sales and profitability, these developments not only display Emaar’s vision to create the highest pinnacles of luxury living experiences but also strategically place the company to launch a significant number of villas and townhouses, which are anticipated to increase sales and profitability, strengthening our position as a top global property developer.
In the first quarter of 2024 (January to March), Emaar Development reported an EBITDA of AED1.7bn ($463m), 48% higher than Q1 2023.
Emaar now has a sales backlog of AED65.7bn ($17.9bn), recognized as revenue in the coming years due to robust performance.
Emaar’s founder, Mohamed Alabbar, said, “The company began the year 2024 with strong financial results, which demonstrate our superior sales execution capabilities and our ongoing efforts to further enhance operational efficiencies.
“Our growing backlog reflects the strong demand in our primary markets. Our strategic positioning allows us to accelerate growth and deliver unmatched value to our shareholders, reinforcing our role in Dubai’s economic vitality.”
Dubai is once again the leading commercial destination for commerce, logistics, financial services, travel, and hospitality. Emerging industries like technology, healthcare, and education are contributing to Dubai’s growth.
As evidenced by Emaar Development’s sales growth in the first quarter of 2024, Dubai attracted a community of skilled professionals and continued investment in the region’s consistent growth potential.
Also Read: An Icon of Excellence: Tiger Tower Marina Pinnacle Signature Touch
Conclusion:
With its massive land acquisitions, newly unveiled mega-projects worth billions, and an impressive 50% year-over-year surge in Q1 2024 property sales to $3.5 billion, Emaar Development is solidifying its heavyweight status in Dubai’s booming real estate market.
Capitalizing on robust demand and the emirate’s economic dynamism, the developer’s strong financials, $17.9 billion sales backlog, and focus on premium properties position it to continue driving growth and shareholder value.
As Dubai cements itself as a global hub across industries, Emaar’s ambitious plans and ability to deliver luxurious living experiences allow it to spearhead the city’s ongoing transformation.
