Emaar Development records property sales worth $8.36bn in 2022, a YoY increase of 12%

Emaar Development, the build-to-sell property development business that’s majority-owned by Emaar Properties, recorded an increase of 12 per cent in property sales to Dhs30.71bn ($8.36bn) compared to Dhs27.4bn in 2021.

The performance was attributed to Emaar’s successful property launches, creating a strong revenue pipeline for the future.

Emaar Development successfully launched 28 projects across various master plans last year.

These include Talia, Orania and Farm Gardens in The Valley, Elie Saab II, Bliss 2 and Raya in Arabian Ranches III, Rosewater, Lotus, Creek Palace, Orchid, Creek Crescent, Island Park and The Cove II in Dubai Creek Harbour, St Regis and The Residence Burj Khalifa in Downtown Dubai, Address The Bay and Beachgate by Address in Emaar Beachfront, Greenview 3 and Fairway Villas in Emaar South, Park Field, Lime Garden, Hills Park, Park Horizon and Address Hillcrest in Dubai Hills Estate, Marina Shores in Dubai Marina, Golf Heights in Emirates Hills and Seagate & Seascape in Rashid Yachts & Marina.

Emaar Development performance highlights

 In 2022, Emaar Development reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of Dhs4.22bn and achieved 17 per cent growth in net profit to Dhs3.80bn compared to 2021.

Emaar now has a sales backlog of Dhs41.34bn, which, it said, will be recognised as revenue in the coming years as a result of robust performance.

“Emaar Development continued the trend of increase sales and profitability. Across the board in our portfolio of retail, hospitality and entertainment, we are seeing demand for the exceptional communities and amenities we deliver. Emaar is savvy to market trends and has a track record of producing high-quality developments, both of which inspire remarkable trust in the company among its customers. This, aligned with a strong ongoing project launch list has enabled Emaar to maintain an upward trajectory for sales and growth,” said Mohamed Alabbar, founder of Emaar.

Delivery update

Emaar Development delivered over 6,100 residential units in 2022 across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches and Emaar South.

As of December 2022, Emaar has delivered more than 58,000 residential units with over 27,000 residences currently under development in the UAE.

Read: Emaar reports net profit of Dhs5.8bn for first nine months of 2022