In a testament to Dubai’s thriving real estate sector, Emaar Properties has reported an impressive 42% YoY growth in its nine-month net profit, reaching Dh8.2 billion. This exceptional financial performance is attributed to a convergence of factors, including a surge in tourism, robust retail sales, and escalating demand for real estate.

Unlocking Growth: With revenues reaching Dh18.4 billion, Emaar Properties revealed a substantial group property sales figure of Dh31.1 billion for the first three quarters of 2023, marking a notable 16% increase compared to the same period last year. As of September 30, the company’s revenue backlog from property sales stands at a substantial Dh69.5 billion, signaling a robust outlook for future revenue recognition.

Founder Mohamed Alabbar acknowledged, “With the continued surge in tourism, the launch of attractions like the Dubai Mall Chinatown, and the positive trajectory in property sales, we are honouring our commitment to both our loyal and new customers.”

Fueling Profits: Emaar Development, a pivotal division of Emaar Properties, reported a remarkable 43% surge in net profit, reaching Dh4.1 billion for the first nine months of 2023. A key driver behind this growth was the 25% surge in real estate sales, totaling Dh28.9 billion during this period, up from Dh23.2 billion in the corresponding months of 2022.

The announcement of twenty new projects positions Emaar as a strategic player in future revenue generation. The disclosed Dh59.6 billion sales backlog underscores sustained demand, ensuring revenue recognition in the coming years.

Dubai’s Real Estate Momentum: Dubai’s real estate market continues to break records, with a staggering 93,590 residential transactions recorded until the end of October, surpassing the entire count for 2022 (92,178). While October saw a 23.6% decrease in sales compared to the same period last year, attributed to fewer new off-plan property offerings, the overall demand for off-plan developments has witnessed a significant uptick since 2022.

Significantly, 90% of homes in desirable central areas have already been sold, and over 67% of these homes in the city have attracted competitive bids, according to CBRE Group Inc.

Emaar Properties’ stellar financial performance not only reflects strategic investments but also mirrors the sustained vibrancy of Dubai’s real estate sector. As the market evolves, Emaar remains committed to operational excellence, delivering value to both customers and stakeholders in Dubai’s dynamic real estate landscape.