Emaar sales jump 250% in 5 months, H1 seen even better
Alabbar says Dubai property market is once again a growth story for developers
Dubai’s largest property developer Emaar Properties recorded massive property sales in the emirate surging by 250 per cent in the first five months of 2021 compared to the same period last year and it expects the sales to be even higher in the first half of 2021.
The developer’s total property sales reached Dh10.5 billion during January-May 2021 as against Dh3 billion in the same period last year.
One of the world’s largest real estate companies, Emaar has a land bank of 1.7 billion sqft in the UAE and key international markets.
“These numbers demonstrate once again the resilience of our group, the quality of our products, and the passion of our customers and our employees,” said Mohamed Alabbar, founder of Emaar Properties.
The latest data from the Dubai Land Department showed 4,832 sales transactions worth Dh10.98 billion in April, the highest value in four years.
In 2021, Emaar has successfully launched Golf Place Terraces in Dubai Hills Estate, Caya and Bliss in Arabian Ranches 3, and Palace Beach Residence in Emaar Beachfront. The developer delivered residential units across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, and Emaar South.
With a proven track record in delivery, Emaar has delivered over 67,700 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with over 880,000 square metres of leasing revenue-generating assets and 25 hotels and resorts with 5,342 rooms (includes owned as well as managed hotels). Today, 46 per cent of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure, and international subsidiaries.
Despite the Covid-19 pandemic, Emaar Properties recorded an eight per cent growth in net profit to Dh657 million for the first quarter of 2021 compared to the net profit of Dh609 million during the same period in 2020.
The developer said on Monday that it achieved a significant 83 per cent increase in sales to Dh7.115 billion in the first quarter compared to the Q1 2020 sales of Dh3.887 underscoring investors’ continued confidence in Emaar brand and recovery of the Dubai real estate market.
“I am confident that the Dubai property market is once again a growth story for developers, in light of the UAE's wise policies, with Emaar perfectly positioned to capitalise on this,” Alabbar said.
Emaar shares closed at Dh4.05 on Sunday, up 0.24 per cent.
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