Emaar Development has reported a remarkable 66% increase in property sales in the first nine months of 2024.
The UAE-based company, part of Emaar Properties, achieved AED48bn ($13.1bn) in sales from January to September 2024, up from AED28.9bn ($7.9bn) in the same period in 2023.
With 50 project launches across all master plans in 2024 so far, Emaar further cements its market leadership and positions itself for continued growth.
In Q3 2024, Emaar launched “Lavita” at The Oasis, its debut community of luxury mansions. This waterfront development features 43 six- and seven-bedroom homes.
Each mansion in Lavita reflects one of four architectural styles, uniquely crafted to align with the lifestyle of its residents. Part of The Oasis, a 100-million-square-foot master-planned area, Lavita includes wellness centers, boutique shops, and trails, with eco-friendly materials and energy-efficient systems integrated throughout.
For the period of January through September 2024, Emaar Development reported revenue of AED12.5bn ($3.4bn) and an EBITDA of AED6bn ($1.6bn), up 69% and 35% from the same period in 2023, respectively.
As sales continue to climb, Emaar’s backlog has reached AED83.7bn ($22.8bn), 47% higher than in December 2023, to be recognized as revenue over the coming years.
Emaar founder Mohamed Alabbar noted, “Our performance this quarter reflects our customers’ trust in Emaar’s vision. By staying innovative and market-forward, we create experiences that align with changing lifestyles.”
“Our strategy emphasizes sustainable value creation for our customers and shareholders, driving growth in line with Dubai’s ambitions.”
Dubai’s surging population, approaching 3.8 million, has reinforced its status as a global center for trade, finance, logistics, travel, and hospitality, leading to increased demand for housing and services.
This expansion is also fueled by new industries like technology, renewable energy, healthcare, and education, drawing skilled professionals to the region.
Emaar’s strong sales in the first nine months of 2024 underscore the region’s ability to meet this population growth while maintaining high investment and economic momentum.
