The first half of 2022 saw Emaar Development’s biggest property sales ever, supported by recently profitable launches that will add value going forward.
Compared to H1 2021, when property sales were AED13.825 billion (US$3.764 billion), they increased by 10% to AED15.216 billion (US$4.143 billion) in H1 2022.
15 projects in various master plans were launched during the first half of 2022 by the build-to-sell property development company, which is mainly owned by Emaar Properties.
Emaar Development reported EBITDA of AED2.564 billion (US$698 million) in the first six months of 2022, up 15% from the same period in 2021, and revenue of AED7.282 billion (US$1.983 billion).
Emaar now has a healthy sales backlog at AED32.753 billion (US$8.917 billion) as a result of this excellent achievement, which will be recognized as future revenue for the company.
“Our unwavering determination to deliver premium projects to the market, cash flow generation, and a strong pipeline of future projects have underlined our highest ever quarterly sales during Q2 2022. Our point of difference is our strategy of delivering integrated communities, providing amenities across retail, hospitality, and entertainment to further complement our premier residential assets. We are continuing to see investor demand for holistic master-planned developments, which has enabled us to achieve our strongest first-half growth on record in 2022,” an Emaar spokesperson said.
In the first half of 2022, Emaar Development delivered more than 3,100 residential units in prestigious areas such Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, and Emaar South. Emaar has completed more than 55,100 residential units as of June 2022, while more than 26,100 homes are now being built in the UAE.