Emaar Development PJSC has seen its highest-ever property sales of AED20.943 billion ($5.702 billion) in the first nine months of 2021, local reports have said.
The build-to-sell property development business, which is majority-owned by Emaar Properties, is said to have seen a strong contribution from exceptional inventory sales, reinforced by recent successful launches for this January-September number, said the local reports.
This was said to be an increase of 382 percent compared to the first nine months of 2020.
During the first nine months of 2021, Emaar Development launched Golf Place Terraces, Palm Hills with Elie Saab and Majestic Vistas inspired by Automobili Lamborghini in Dubai Hills Estate; Palace Beach Residence and Beach Mansion in Emaar Beachfront; Caya and Bliss in Arabian Ranches III; and Nara in The Valley.
In the first nine months, Emaar Development reported a net profit of AED2.384 billion ($649 million) and revenue of AED11.604 billion ($3.159 billion), an increase of 75 percent and 63 percent compared to the first nine months of 2020, respectively.
Emaar now has a sales backlog of AED 28.471 billion ($7.751 billion), which will be recognized in the future as revenue for the business.
Emaar Development has also delivered over 3,700 residential units during the first nine months of 2021 across prime locations, said the local reports.
These locations are said to include Dubai Hills Estate, Dubai Creek Harbor, Downtown Dubai, Dubai Marina, and Emaar South.
As of September 2021, Emaar has reportedly delivered more than 51,000 residential units, with over 25,000 residences currently under development in the UAE.
The local reports quoted an Emaar spokesperson as saying: “The strong performance of Emaar Development underlines the strength of Dubai’s property sector, driven by the robust economic fundamentals of the UAE.”