Emaar Properties, Dubai’s leading real estate developer, has reported its highest-ever sales in 2024, reflecting the ongoing strength of the UAE’s property market. The company recorded property sales of AED 70 billion ($19 billion), marking a significant 72% increase compared to the previous year.
According to Emaar’s latest financial report to the Dubai Financial Market, the company’s net profit attributable to shareholders surged by 16% year-on-year, reaching AED 13.5 billion ($3.67 billion). Revenue also climbed to an all-time high of AED 35.5 billion, reflecting a 33% annual growth.
The developer’s sales backlog surpassed AED 110 billion by the end of 2024, representing a 55% increase from the previous year. This strong pipeline of future revenue highlights continued market confidence and demand for Emaar’s developments.
Dubai's Thriving Real Estate Sector
Emaar’s success aligns with the broader growth of Dubai’s property market. The emirate recorded total real estate transactions worth AED 761 billion in 2024, a 20% rise from 2023. The number of transactions also grew by 36%, reaching 226,000, driven by strong investor interest and government-led initiatives.
Dubai’s economic expansion further contributed to this real estate surge. The city’s GDP grew by 3.1% in the first nine months of 2024, reaching AED 339.4 billion. The real estate sector remained a key driver, alongside other industries fueling economic momentum.
Government Initiatives Fueling Market Growth
Investor-friendly policies, including long-term residency visas, have significantly boosted Dubai’s real estate sector. Initiatives such as the 10-year Golden Visa program and residency options for retirees and remote workers continue to attract global investors.
Emaar Development and Retail Growth
Emaar Development, the company’s majority-owned subsidiary specializing in build-to-sell projects, also experienced remarkable growth. The subsidiary reported AED 65.4 billion in property sales, reflecting a 75% increase from 2023. Its revenue surged by 61%, reaching AED 19.1 billion, with 62 new project launches across multiple master-planned communities.
Meanwhile, Emaar’s shopping malls, retail, and commercial leasing segments generated AED 5.6 billion in revenue, supported by a 7% rise in tenant sales. Dubai Mall alone attracted 111 million visitors in 2024, a 6% year-on-year increase, while the company’s retail assets maintained an impressive occupancy rate of 98.5%.
Strong International Performance
Emaar’s global operations also posted robust growth, with international property sales reaching AED 4.1 billion—a 40% increase from 2023. The strongest contributions came from Egypt and India, with total revenue from global operations standing at AED 2.7 billion.
A Vision for the Future
Emaar’s founder, Mohamed Alabbar, credited the company’s record-breaking performance to Dubai’s forward-thinking economic strategies and commitment to establishing itself as a global investment hub.
With a strong revenue backlog, continued investor confidence, and government-driven initiatives supporting the market, Emaar Properties is well-positioned for sustained growth in the coming years.
Source: The National News
