Emaar Development reports 56% rise in property sales for H1

Emaar Development, the build-to-sell property development business majority-owned by Emaar Properties, reported a 56 per cent increase in property sales for H12024.

Sales reached Dhs29.7bn ($8.1bn) compared to Dhs19bn ($5.2bn) in the same period of 2023.

The growth was driven by successful property launches that have created a strong revenue pipeline and demonstrated steady progress toward the company’s strategic initiatives to strengthen its position as a trusted developer.

Emaar‘s founder, Mohamed Alabbar, commented: “Our financial results highlight our strategic acumen and the dedication of our entire team. The increasing demand reflected in our growing backlog speaks volumes about the trust our customers place in us.”

In H1 2024, the developer acquired a 60 million square foot land plot near The Oasis masterplan, with a development value of Dhs41bn ($11bn). This complements the 81 million square feet of land purchased in December 2023 in the same area.

The company has launched two major developments on these lands: The Heights Country Club & Wellness and Grand Polo Club & Resort, spanning a total of 141 million square feet, with a combined development value of Dhs96bn ($26bn).

During Q2 2024, Emaar Development launched the second phase of its master plan, The Valley.

Emaar Development’s H1 performance highlights

In  H1 2024, the company reported revenue of Dhs7.3bn ($2bn) and EBITDA of Dhs3.4bn ($922m), representing increases of 65 per cent and 47 per cent respectively, compared to the first half of 2023.

The company now has a sales backlog of Dhs74.2bn ($20.2bn), which will be recognised as revenue in the coming years.