News Desk
DUBAI: Emaar Development PJSC (DFM: EMAARDEV), the UAE’s premier property development company specializing in build-to-sell assets and majority-owned by Emaar Properties PJSC (DFM: EMAAR), maintained strong momentum during the third quarter of 2024 as well. Property sales rose by 66 percent to AED 48 billion (US$ 13.1 billion) during the first nine months of 2024, compared to AED 28.9 billion (US$ 7.9 billion) for the same period in 2023. The success of 50 projects launches across all the masterplans during first nine months of 2024 further underscores Emaar’s market leadership and positions the company for sustained future growth.
During third quarter of 2024, Emaar introduced “Lavita” at The Oasis, its first community of luxury mansions. Set within a tranquil waterfront landscape, this exclusive collection of 43 six- and seven-bedroom homes blends modern comfort with timeless elegance. Each mansion reflects one of four architectural styles, tailored to the unique character of its residents. Part of The Oasis, a 100-million-square-foot master-planned community, Lavita integrates wellness centres, boutique shops, and walking trails, with energy-efficient systems and eco-friendly materials woven throughout.
Performance Highlights: In the first nine months of 2024 (January to September), Emaar Development reported a Revenue of AED 12.5 billion (US$ 3.4 billion) and an EBITDA of AED 6 billion (US$ 1.6 billion), 69% and 35% higher than first nine months of 2023, respectively.
With a continued uptrend in sales, Emaar sales backlog has reached AED 83.7 billion (US$ 22.8 billion), 47% higher than December 2023, to be recognised as revenue in the coming years.
Mohamed Alabbar, founder of Emaar, commented: “Our performance this quarter reflects the confidence and trust that our customers place in Emaar’s vision. By continuing to innovate and stay ahead of market trends, we create experiences that resonate with evolving lifestyles. Our strategy is centred on adding sustainable value for both our customers and shareholders, driving growth that aligns with Dubai’s ambitions.”
Dubai’s rapid population growth has further solidified its position as a global hub for trade, financial services, logistics, travel, and hospitality. With the city’s population nearing 3.8 million and continuing to rise, demand for housing, infrastructure, and services is expanding at an unprecedented pace. This growth is also driven by emerging sectors such as technology, renewable energy, healthcare, and education, attracting a diverse community of skilled professionals. Emaar Development’s strong sales in the first nine months of 2024 reflect the region’s ability to accommodate this population surge while sustaining high levels of investment and economic growth.
