25% property sales rise boosts Emaar Development’s H1 2023 showing
Emaar Development has reported a 25% increase in property sales, reaching AED19 billion for the first half of 2023, compared to AED15.2 billion in the first half of 2022.
The UAE-headquartered developer of residential and commercial build-to-sell (BTS) assets in the UAE attributed this performance to the launches of 16 new projects across various master plans in its home UAE market.
Emaar Development is majority-owned by Emaar Properties.
In the first half of 2023, Emaar Development reported an EBITDA of AED2.3 billion, achieving a net profit of AED2.2 billion, like the first half of 2022.
The developer has a sales backlog of AED53.2 billion, which will be recognised as revenue in the coming years.
Good cash flow
The company is a high cash flow generating business, highlighting the developer’s robust fundamentals with more than 28,000 residential units in Dubai under development.
Mohamed Alabbar, the founder of Emaar, said: “Emaar Development’s sales and operational efficiencies have contributed to positive results, allowing us to achieve another quarter of solid sales growth.
“The notable growth in our backlog indicates a healthy demand in our key markets and affirms the positive returns from our investments in major products.”
New lifestyle development
Emaar Development has also revealed its latest lifestyle destination in Dubai, The Oasis by Emaar, covering a total land area of more than 100 million sqft (9.4 million sqm).
Revealed in June 2023, The Oasis project features unique architectural design by some of the world’s most renowned architects, with interiors created by prominent global designers.
The Oasis comprises more than 7,000 residential units, with a large concentration of large mansions and villas with spacious plots, offering views of water canals, lakes, and parks.
In the first half of 2023, Emaar Development delivered approximately 5,100 residential units in prime locations across Dubai City.
The company has delivered more than 63,000 residential units as of June 2023, with more than 28,000 residences currently under development in the UAE.
