Emaar Properties, which owns a majority of Emaar Development, a build-to-sell property development company in the UAE, reported strong property sales in Q1 2023, up 26% from Q1 2022 to Dh8.603 billion.
This achievement was the consequence of Emaar Development’s profitable property launches, which produced a healthy future revenue pipeline and signaled consistent advancement toward the company’s strategic ambitions to further establish its reputation as a dependable developer.
Seven projects by Emaar Development were successfully launched during the first quarter of 2023: Anya and Anya 2 in Arabian Ranches III, Cedar and Savanna in Dubai Creek Harbour, Palace Residence North, and Elora in The Valley.
Emaar Development reported an Ebitda of Dh1.140 billion for the first quarter of 2023. In line with Q1 2022, it had a net profit of Dh1.058 billion.
Due to its strong growth, Emaar currently has a sales backlog of Dh45.680 billion, which will be recorded as revenue in the upcoming years.
Mohamed Alabbar, the founder of Emaar, said: “Emaar Development’s sales execution capabilities and improving operational efficiencies continue to drive good first-quarter financial results in 2023. Our backlog demonstrates a healthy market demand across our key markets, and we remain appropriately positioned to deliver constant growth and sustained value for our shareholders.”
With the expansion in developing industries including technology, renewable energy, healthcare, and education, Dubai maintains its position as a global leader in the business sectors of commerce, financial services, logistics, travel, and hospitality. Emaar Development’s sales rise in the first quarter of 2023 shows that the area continues to draw in a population of educated professionals and investment in the area’s steady growth potential.
Emaar Development produced almost 1,600 residential units in the first quarter of 2023 in prestigious areas such as Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, and Emaar South. As of March 2023, Emaar delivered more than 59,500 residential units, while more than 28,500 homes are still being built in the UAE.