Emaar Properties, a prominent and well-known real estate company in UAE achieves a promising 56% increase in its property sales during the 1st half of the year 2024. This remarkable rise reflects the commitment and dedication of Emaar to provide high-end luxury projects in the Dubai real estate market.
This blog highlights the reasons behind this remarkable achievement by Emaar Properties in the UAE property market.
Remarkable Increase in Property Sales
Emaar’s financial results 2024 claim that the company has achieved a 56% hike in property sales in the first half of the year 2024 ( January to June) as compared to last year. The property sales of Emaar reach AED 29.7 billion (8.1 billion US$) for the first half of 2024 as compared to AED 19 billion (5.2 Billion US$) for the first half of 2023. The immense increase in property sales is a noticeable and steady progress toward the company’s strategic ventures. This remarkable rise also helped Emaar cement its position in UAE’s real market and turn out as a trusted developer in the industry.
Emaar's Overview
Emaar Properties is a well-known real estate company in the Middle East, renowned for delivering high-end and luxury projects in the real estate market. The portfolio of Emaar Properties features various world-class projects like the world’s tallest building Burj Khalifa and the most visited Dubai Mall. Emaar Properties for sale are the pinnacle of luxury, comfort, innovation, and convenience.
The increase in property sales reflects the trust of buyers and investors in Emaar’s projects. Emaar has emerged as the premium real estate firm in the UAE property development landscape. 2023 is the year of significant activity and a rise in demand for luxury living after the pandemic recovery. However, Emaar managed to surpass last year’s statistics in property sales and set a new benchmark for other real estate companies in Dubai.
Emaar's Ventures in 2024
Dubai Real Estate has seen numerous property developments in the first half of 2024. Emaar Properties has announced many projects to cater to the rising demand for luxury and high-end living.
In the first half of 2024, Emaar made an immense purchase of a 60 million square feet land plot in the vicinity of The Oasis masterplan, which had a development value of AED 41 billion (US$ 11 Billion). This land is adjacent to another 81 million square feet that they bought back in December 2023. Furthermore, Emaar also announced its two major projects on this land: the Heights Country Club & Wellness as well as Grand Polo Club & Resort, which altogether cover an area of 141 million square feet with a total development value of AED 96 billion (US$ 26 billion). Emaar announced the second of the master-planned community The Valley in the second quarter of 2024 (April-June).
Performance Highlights
Emaar Development recorded revenue amounting to AED 7.3 billion (US$ 2 billion) with an EBITDA of AED 3.4 billion (US$ 922 million) in the first half of the year 2024 (January to June); this indicates an increase of 65% and 47% respectively as compared to the same duration in 2023.
Emaar has a sales backlog worth AED 74.2 billion (US$ 20.2 billion) that will be recognized as revenue in future years.
Founder's Message
The Founder of Emaar, Mohamad Albar said: ” The first half of 2024, Emaar has shown incredible strength and significant outcomes. The good results we have achieved show our wise planning and commitment by all. The rapidly increasing demand evidenced by our soaring backlog is a clear indication that clients have faith in us. We will remain steadfast in not only improving operational efficiencies but also implementing strategies as a means of providing the greatest value to shareholders and truly impacting Dubai’s economy during this time.”
Conclusion
The 56% increase in Emaar’s property sales during the first half of 2024 reflects the growth strategy in Dubai’s investment real estate prospect, its ability to adapt to market trends, and its commitment to delivering high-quality projects. In the evolving UAE’s real estate market, Emaar, Emaar stands out as a leader, providing investors as well as home buyers who seek high-quality residences with premier facilities.
Investing in Emaar’s projects proves the best real estate investment in Dubai. Emaar Properties sets a new benchmark for real estate companies with its firm commitment and dedication.