Emaar Development records 66% increase in property sales during 9M 2024

DUBAI, 11th November, 2024 (WAM) -- Emaar Development, the UAE's premier property development company specialising in build-to-sell assets and majority-owned by Emaar Properties, maintained strong momentum during the third quarter of 2024.

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.

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 percent 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 percent 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."