Emaar Development's property sales surged 66% to AED 48 billion ($13.1bn) in the first nine months of 2024, up from AED 28.9 billion ($7.9bn) in the same period of 2023. The UAE developer launched 50 projects across all its masterplans during those nine months, reinforcing its market leadership and positioning the company for sustained future growth.
Emaar Development Property Sales Hit Record Highs
From January to September 2024, Emaar Development posted revenue of AED 12.5 billion ($3.4bn) and EBITDA of AED 6 billion ($1.6bn) — increases of 69% and 35% respectively compared to the first nine months of 2023.
The company's sales backlog reached AED 83.7 billion ($22.8bn) by the end of Q3, a 47% rise since December 2023, providing strong revenue visibility for the coming years.
Lavita at The Oasis: Emaar's First Luxury Mansion Community
During the third quarter of 2024, Emaar launched "Lavita" at The Oasis — its first community of luxury mansions. Set within a waterfront landscape, this exclusive collection features 43 six- and seven-bedroom residences, each designed in one of four architectural styles tailored to the character of its residents.
The Oasis is part of a 100-million-square-foot master-planned community. Lavita is aligned with wellness centres, boutique shops, and walking trails, incorporating energy-efficient systems and eco-friendly materials throughout.
Dubai Population Growth Fuels Property Demand
Dubai's rapid population growth has strengthened its position as a global hub for trade, financial services, logistics, travel, and hospitality. The city's population is approaching 3.8 million and continuing to rise, driving extraordinary demand for housing, infrastructure, and services.
Emaar Development's record sales in the first nine months of 2024 reflect the region's urgent need to accommodate this expanding population while sustaining high levels of investment and economic momentum.
Mohamed Alabbar on Emaar's Growth Strategy
"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," said Mohamed Alabbar, founder of Emaar Development.
"Our strategy is centred on adding sustainable value for both our customers and shareholders, driving growth that aligns with Dubai's ambitions."
