Emaar Development PJSC, a leading UAE property developer, reported a significant surge in property sales during the first nine months of 2023, sustaining robust momentum from the third quarter. The company’s property sales climbed by 25% year-on-year, reaching AED 28.9 billion (US$ 7.9 billion) by the end of September 2023, compared to AED 23.2 billion (US$ 6.3 billion) in the same period of 2022. This strong performance underscores the buoyant demand within the UAE’s real estate market.
The developer attributed this growth to the successful launch of 20 new projects across its various master-planned communities throughout the first nine months of the year, laying a solid foundation for future revenue streams. This strategic expansion reflects Emaar Development’s commitment to delivering a diverse portfolio of residential options across key locations.
In terms of project delivery, Emaar Development handed over more than 7,800 residential units during the reporting period. These deliveries spanned a range of prime locations in Dubai, including Downtown Dubai, Dubai Creek Harbour, Arabian Ranches, Dubai Hills Estate, Emaar Beachfront, Dubai Marina, and Emaar South. As of September 2023, the company has delivered over 66,000 residential units since 2002, with an additional 27,000 residences currently under development within the UAE.
Emaar Development also noted a substantial sales backlog exceeding AED 59.6 billion, indicating strong future revenue visibility and continued market confidence in its projects. This financial position highlights the company’s operational strength and its capacity for sustained growth.
Further reinforcing its pipeline, Emaar recently unveiled Palmiera, the latest addition to The Oasis master development. The Oasis project, with an estimated development value of approximately US$ 20 billion, is designed to feature over 7,000 expansive residential spaces, primarily mansions and villas, set against scenic water channels, lakes, and green landscapes.
