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Emaar records a 50% increase in property sales in Q1 2024

In Q1 2024, Emaar Development launched 10 projects across different master plans

Emaar records a 50% increase in property sales in Q1 2024

Emaar Development PJSC achieved a 50% increase in property sales in Q1 2024 (January-March), reaching $3.5 billion (AED 12.9 billion) compared to $2.3 billion (AED 8.6 billion) in Q1 2023. The UAE-based property development company credited this growth to successful property launches that created a strong revenue pipeline for the future.

In Q1 2024, Emaar Development recorded an EBITDA of $463 million (AED 1.7 billion), a 48% increase from the previous year. The company has a sales backlog of $17.9 billion (AED 65.7 billion), which will translate into revenue in the future thanks to its strong performance.

Key highlights for Q1 2024

In the first quarter of 2024, Emaar Development launched 10 projects across different master plans. They also made a significant acquisition of a 60 million square feet land plot near The Oasis masterplan, worth $11 billion (AED 41 billion). This was in addition to the 81 million square feet of land they purchased in December 2023. Emaar also announced the launch of two major developments on these lands: The Heights Country Club & Wellness and Grand Polo Club & Resort, covering a total of 141 million square feet and valued at $26 billion (AED 96 billion).

Mohamed Alabbar, Founder, Emaar mentions, “The company began the year 2024 with strong financial results, which demonstrate our superior sales execution capabilities as well as our ongoing efforts to further enhance operational efficiencies. Our growing backlog reflects the strong demand in our primary markets. Our strategic positioning allows us to accelerate growth and deliver unmatched value to our shareholders, thereby reinforcing our role in Dubai’s economic vitality.”

About Emaar

Emaar Development delivered over 12,000 residential units in 2023 across neighbourhoods, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, and Emaar South. As of December 2023, Emaar had delivered over 70,000 residential units in the UAE, with over 25,500 residences currently under development.

It also recently approved the board of directors’ proposal to distribute a dividend of $567 million (AED 2.082 billion), which equals 52 per cent of the share capital (AED 52 fils per share).

Moreover, Emaar also announced that they will repair all properties damaged by recent floods in their community for free. The storm had caused numerous residents to face flooded homes, damaged property, and lost furniture.