Dubai-based real estate leader Emaar Development has reported outstanding growth for 2024, with significant increases in sales, revenue, and new project launches, marking a record-breaking year for the company. Here are the main takeaways from Emaar’s latest performance report.

1. Property Sales Up 66%

Emaar Development recorded a 66% increase in property sales during the first nine months of 2024, totalling AED 48 billion (US$ 13.1 billion), compared to AED 28.9 billion (US$ 7.9 billion) during the same period in 2023.

2. Revenue Growth of 69%

The company’s revenue for January to September 2024 rose by 69%, reaching AED 12.5 billion (US$ 3.4 billion), supported by Dubai’s strong real estate demand and Emaar’s strategic project rollouts.

3. Sales Backlog Reaches AED 83.7 Billion

Emaar’s sales backlog grew to AED 83.7 billion (US$ 22.8 billion), representing a 47% increase since December 2023. This backlog is set to be recognised as revenue over the coming years, ensuring a steady future income stream.

4. 50 Projects Launched in 2024

Emaar launched 50 projects in the first three quarters of 2024 across multiple Dubai master plans, reinforcing its market position and meeting the demand for high-quality residential developments.

5. Introduction of ‘Lavita’ at The Oasis

In Q3 2024, Emaar introduced “Lavita,” its first community of luxury mansions at The Oasis. Set in a 100-million-square-foot development, Lavita features 43 six- and seven-bedroom mansions, each showcasing unique architectural styles and eco-friendly designs.

6. AED 6 Billion EBITDA

Emaar Development’s EBITDA for the first nine months reached AED 6 billion (US$ 1.6 billion), up 35% from the same period in 2023, reflecting strong profitability in Dubai’s competitive real estate sector.

7. Population Growth Drives Demand

Dubai’s population growth, now close to 3.8 million, has driven high demand for residential properties and supporting infrastructure. Emaar’s performance aligns with Dubai’s rise as a global business and tourism hub, catering to the city’s expanding housing needs.