The company said it had successfully launched twenty projects in various master plans during the first nine months of 2022
Developer Emaar Development has said that it has achieved its highest-ever property sales during the first nine months (January to September) of 2022, maintaining the record-breaking momentum built in the first half of the year.
The developer, which is majority-owned by Emaar Properties, said it saw property sales for the first nine months of 2022 increase by 11% to US $6.31bn compared to $5.7bn in the first nine months of 2021, and property sales for Q3 2022 (July to September) increased by 12% to $2.2bn compared to Q3 2021.
Discussing the first nine months of 2022, the company said it successfully launched twenty projects in various master plans, such as Talia and Orania in The Valley, Elie Saab II and Bliss 2 in Arabian Ranches III, Rosewater, Lotus, Creek Palace, Orchid, Creek Crescent and Island Park in Dubai Creek Harbour, St. Regis in Downtown Dubai, Address The Bay and Beachgate by Address in Emaar Beachfront, Greenview 3 in Emaar South, Park Field, Lime Garden, Hills Park and Address Hillcrest in Dubai Hills Estate and Seagate in Rashid Yachts & Marina.
In April 2022, Emaar Development said it would handover 8,500 residential units by year end.
Elaborating on its performance, the firm noted that in the first nine months of 2022 (January to September), it reported EBITDA in line with last year and achieved 19% growth in net profit compared to the first nine months of 2021. Due to this performance, Emaar now has a sales backlog of $10.12bn, which will be recognised as revenue in the coming years.
“Following a record-breaking first half of 2022, we have maintained momentum and growth by delivering another excellent set of sales figures in Q3. Across the board in our portfolio of retail, hospitality and entertainment, we are seeing demand for the exceptional communities and amenities we deliver. Strategically, Emaar is attuned to the market and has a reputation for delivering developments of excellent standards which generates exceptional consumer confidence. This, aligned with a strong ongoing project launch list has enabled Emaar to maintain an upward trajectory for sales and growth,” an Emaar spokesperson said.
Dubai continues to lead the way as a business hub for trade, financial services, logistics, travel and hospitality, with emerging sectors witnessing growth, such as technology, green energy, healthcare and education. The region attracts a community of skilled professionals, and investors continue to invest in the region’s steadfast growth potential, reflective of Emaar’s sales records for Q3 2022, the developer pointed out.
In August 2022, Emaar said it bought out Dubai Holding’s stake in Dubai Creek Harbour for $2.04bn.
Commenting on deliveries, Emaar Development said it handed-over 4,700 residential units during the first nine months of 2022 across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches and Emaar South.
As of September 2022, Emaar has delivered more than 56,700 residential units, with over 26,200 residences currently under development in the UAE, it concluded.
In September 2022, Emaar investors approved the Dubai Creek Harbour acquisition.