Emaar Development PJSC continued its positive property sales momentum during the third quarter of 2023. The company experienced a 25% increase in property sales, amounting to AED 28.9B ($ 7.9B) in the first nine months of 2023.
This marks a notable rise from AED 23.2B ($ 6.3B) recorded for the same period in 2022. The impressive performance results from successfully launching 20 new projects across various master plans, laying the groundwork for future revenue generation.
Lifestyle Destination in The Oasis with a $20B Development Value
Emaar unveiled Palmiera, the latest lifestyle destination introduced within The Oasis. Palmiera seamlessly combines modern living with the luxury of The Oasis, boasting an estimated development value of approximately ~$20B for the entire project.
The Oasis stands out with iconic architectural masterpieces designed by globally renowned architects and interiors crafted by internationally acclaimed designers, according to WAM.
Aligned with Emaar’s commitment to unparalleled quality, The Oasis offers over 7,000 residential spaces, predominantly featuring expansive mansions and villas, complemented by stunning views of water channels, lakes, and greenery.
For the first nine months of 2023 (January to September), Emaar Development reported an EBITDA of AED 4.5B ($ 1.2B) and a net profit of AED 4.1B ($ 1.1B). These figures represent a remarkable increase of 36% and 43%, respectively, compared to the same period in 2022.
Currently holding a sales backlog of AED 59.6 billion ($16.2 billion), Emaar Development anticipates recognizing this amount as revenue in the upcoming years.
Mohamed Alabbar, Founder of Emaar, commented: “Our sustained performance in Q3 is a testament to Emaar Development’s dedication to excellence and keen market insight. The upward trend in our sales backlog is indicative of the unwavering trust our clients place in our ventures. It’s a reaffirmation that our developments continue to resonate with the market’s aspirations.”
“Such milestones not only position Emaar Development at the forefront of the industry but also reinforce our commitment to consistently enhance value for our loyal shareholders,” he concluded.”
During the initial nine months of 2023, Emaar Development handed over more than 7,800 residential units in prestigious areas including Downtown Dubai, Dubai Creek Harbour, Arabian Ranches, Dubai Hills Estate, Emaar Beachfront, Dubai Marina, and Emaar South.
As of September 2023, Emaar has successfully delivered more than 66,000 residential units, while actively developing over 27,000 residences across the UAE.
