Emaar Development, a build-to-sell property development business, majority-owned by Emaar Properties registered a total profit of Dh1.51 billion ($412 million) and revenue of Dh7.75 billion ($2.11 billion) in H1-2021, up 46% and 61% compared to the first six months of 2020, respectively.
It reported its highest-ever quarterly property sales of Dh7.94 billion in Q2-2021 (April to June) and Dh13.82 billion in the first six months of 2021, an increase of 328 percent over the same period last year.
In H1-2021, Emaar Development successfully launched Golf Place Terraces, Palm Hills with Elie Saab, the highly anticipated Majestic Vistas inspired by Automobili Lamborghini in Dubai Hills Estate, Palace Beach Residence in Emaar Beachfront, and Caya and Bliss in Arabian Ranches III.
Currently, Emaar has a robust sales backlog of Dh27.57 billion, which will be recognized as revenue in the future.
“Emaar Development remains strongly committed to the delivery of premium luxury properties and to maintaining the highest quality of living experiences. This is in the DNA of our business and the key to our resilient financial performance. Our most successful quarter on record and first-half sales of Dh13.825 billion has been achieved through our commitment to a community-centric, future-focused strategy” – Emaar spokesperson.
Delivery update
During the first six months of 2021, Emaar Development has delivered over 2,300 residential units in prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, and Emaar South. Emaar has delivered more than 49,500 residential units as of June 2021, with more than 25,700 residences currently under construction.