Emaar Development, the leading build-to-sell property development business, majority-owned by Emaar Properties, achieved strong performance during the first nine months (January to September) of 2021.
The results came with a strong contribution by exceptional inventory sales, and reinforced by recent successful launches creating value for the future. The developer reported its highest ever property sales of AED20.943 billion (US$5.702 billion) in the first nine months of 2021, an increase of 382 percent compared to the first nine months of 2020.
During the first nine months of 2021, Emaar Development successfully launched Golf Place Terraces, Palm Hills with Elie Saab and Majestic Vistas inspired by Automobili Lamborghini in Dubai Hills Estate, Palace Beach Residence and Beach Mansion in Emaar Beachfront, Caya and Bliss in Arabian Ranches III, and Nara in The Valley.
In the first nine months of 2021 (January to September), Emaar Development reported a net profit of AED2.384 billion (US$ 649 million) and revenue of AED11.604 billion (US$ 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 (US$ 7.751 billion), which will be recognised in the future as revenue for the business.
An Emaar spokesperson said,
"The strong performance of Emaar Development underlines the strength of Dubai’s property sector, driven by the robust economic fundamentals of the UAE. Through the development of our exceptional lifestyle destinations, we are able to offer world-class residential choices, which stand out for their design, build quality and amenities, to our customers. These developments also serve as dynamic hubs, with outstanding amenities, including diverse retail and hospitality options, which energizes the economy and creates new jobs and business opportunities. Our successful strategy unlocks the true potential of our property development business, with the aim of delivering long-term value for our shareholders, as we continue to focus on consistently strengthening our core competencies,"
Emaar Development has delivered over 3,700 residential units during the first nine months of 2021 across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Dubai Marina and Emaar South. As of September 2021, Emaar has delivered more than 51,000 residential units, with over 25,000 residences currently under development in the UAE.
News Source: Emirates News Agency