Emaar Property Sales Reach $8.1 Billion in H1-2024

Emaar Development, the UAE build- to-sell property development business that is majority-owned by Emaar Properties, on Thursday said that it achieved 56% increase in property sales reaching to $ 8.1 billion for the first half of 2024 compared with $ 5.2 billion for the first sixth months in 2023.

This performance resulted from Emaar Development’s successful property launches, which created a strong revenue pipeline for the future and marked steady progress towards the company’s strategic initiatives to further cement its position as a trusted developer.

During the first half of 2024, Emaar made a significant acquisition of a land plot measuring 60 million sq. ft. near to The Oasis masterplan, with a development value of $ 11 billion.

This compliments the 81 million sq. ft. of land purchased in December 2023 in the same vicinity. Emaar announced the launch of these two major developments on these lands as well: The Heights Country Club & Wellness and Grand Polo Club & Resort, spanning over a total 141 million square feet of land, with a combined development value of $ 26 billion.

During the second quarter of 2024 (April to June), Emaar Development launched the second phase of its masterplan “The Valley,” the developer said in a filing with Dubai Financial Market (DFM) this morning.

These developments demonstrate Emaar’s vision to create the highest standards of luxury living experiences and strategically position the company to launch a substantial number of villas and townhouses, which are expected to boost sales and profitability, reinforcing our position as a leading global property developer.

Performance Highlights

In the first six months ending June this year, Emaar Development reported a revenue of $2 billion and an EBITDA of $922 million, 65% and 47% higher than first half of 2023, respectively.

Emaar now has a sales backlog of $ 20.2 billion, which will be recognised as revenue in the coming years.

Emaar’s founder, Mohamed Alabbar, said that in the first half of 2024, Emaar has demonstrated remarkable resilience and outstanding performance. The financial results highlighted Emaar Development’s strategic acumen and the dedication of its entire team.

“The increasing demand reflected in our growing backlog speaks volumes about the trust our customers place in us. By continuing to enhance operational efficiencies and being firm to our strategic vision, we are committed to delivering exceptional value to our shareholders and contributing meaningfully to Dubai’s economic growth,” he said.

Dubai continues to lead as a business hub for trade, financial services, logistics, travel, and hospitality, while also experiencing growth in emerging sectors such as technology, renewable energy, healthcare, and education.

Emaar Development’s sales growth in the first half of 2024 highlights the region’s ability to attract a community of skilled professionals and sustain ongoing investment in its consistent growth potential.