Emaar Development, a leading UAE property developer and subsidiary of Emaar Properties has reported robust growth for the third quarter of 2024. The company’s property sales soared by 66% in the first nine months of 2024, reaching AED 48 billion ($13.1 billion), up from AED 28.9 billion ($7.9 billion) during the same period in 2023. Emaar attributes this impressive growth to the launch of 50 new projects across its master-planned communities, positioning the company for sustained future growth in the UAE real estate market.
In Q3 2024, Emaar launched ‘Lavita’ at The Oasis, its first luxury mansion community. Lavita’s 43 six- and seven-bedroom mansions are set within a tranquil waterfront landscape and designed in four distinct architectural styles to reflect each homeowner’s taste. This exclusive development sits within The Oasis, a 100-million-square-foot master-planned community that includes wellness centres, boutique shops, and extensive walking trails. Each mansion incorporates energy-efficient systems and eco-friendly materials, aligning with Emaar’s commitment to sustainable, high-quality living.
Emaar Development’s revenue for the first nine months of 2024 rose to AED 12.5 billion ($3.4 billion), a 69% increase from the previous year, while EBITDA surged by 35% to AED 6 billion ($1.6 billion). With sales momentum continuing, Emaar’s sales backlog has reached AED 83.7 billion ($22.8 billion), marking a 47% rise compared to December 2023. This backlog will be recognised as revenue in the coming years, adding to Emaar’s financial stability and long-term growth prospects.
Mohamed Alabbar, Founder of Emaar, attributed the strong performance to customer confidence in Emaar’s visionary projects. “Our performance this quarter reflects the confidence and trust that our customers place in Emaar’s vision,” Alabbar said. “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 rapidly expanding population, which now nears 3.8 million, has further strengthened the city’s position as a global hub for finance, logistics, and hospitality. The city’s continued growth, supported by a rising demand for housing and services, is fuelled by sectors like technology, renewable energy, healthcare, and education, all attracting skilled professionals. Emaar Development’s rising sales and increased backlog reflect this demand, highlighting the UAE’s ongoing appeal for both local and international buyers.
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