Emaar Properties Dubai Reports 47% Increase in Property Sales for 2024
Emaar Properties PJSC (DFM: EMAAR), one of the leading real estate developers in Dubai, has reported a remarkable 47% increase in property sales for the first quarter of 2024. This significant growth highlights Emaar’s continued success and the robust demand for high-end real estate in Dubai. Nautilus Properties, a premier real estate brokerage and agency in Dubai, aligns its strategies with market leaders like Emaar to offer clients unparalleled investment opportunities.
Emaar’s Financial Performance
Emaar’s financial results for Q1 2024 showcase consistent performance and operational efficiency across its diverse business segments. The company reported revenues of AED 6.7 billion (US$ 1.8 billion) and a net profit before tax of AED 4.3 billion (US$ 1.2 billion), marking a 16% increase from the same period last year. This growth was driven by the booming tourism industry, increased retail sales, and sustained real estate demand in Dubai.
Highest Quarterly Group Property Sales
Emaar achieved its highest quarterly group property sales ever in Q1 2024, reaching AED 13.5 billion (US$ 3.7 billion). This represents a robust 47% increase compared to Q1 2023. The company’s revenue backlog from property sales stood at AED 78.3 billion (US$ 21.3 billion) as of March 2024, a 9% increase from December 2023. This backlog indicates future revenue from property sales that will be recognized over the next four to five years.
Emaar Development PJSC Performance
Emaar Development PJSC, a majority-owned subsidiary, also reported impressive results. The subsidiary launched ten projects across various masterplans, achieving its highest-ever quarterly property sales of AED 12.9 billion (US$ 3.5 billion) in Q1 2024, marking a 50% increase over Q1 2023. This growth underscores the strong demand for new developments in Dubai.
Key New Developments
Emaar announced the launch of two significant developments in Q1 2024: The Heights Country Club & Wellness and Grand Polo Club & Resort. These projects cover 140 million square feet of land and have a combined development value of AED 96 billion (US$ 26 billion). These new developments are expected to boost Emaar’s sales and profitability in the coming years while enhancing Dubai’s luxury living experiences.
Nautilus Properties’ Strategic Alignment
At Nautilus Properties, we recognize the importance of aligning our investment strategies with market leaders like Emaar to deliver exceptional value to our clients. With over 30 years of experience in the real estate industry, we offer clear, seamless, and individualized services, prioritizing client satisfaction in all our endeavors. Our focus areas include Downtown, Meydan, Emirates Hills, Emirates Living, Dubai Hills, Palm Jumeirah, Dubai Creek Harbour, Arabian Ranches, Dubai Marina, and Business Bay.
Emaar’s Malls and Commercial Leasing
Emaar’s mall and commercial leasing operations also showed strong performance, generating AED 1.4 billion (US$ 381 million) in revenue in Q1 2024. The portfolio achieved an EBITDA of AED 1.1 billion (US$ 299 million). Emaar Malls Management’s prime assets had an average occupancy of nearly 98% as of March 31, 2024, reflecting high tenant satisfaction and robust demand.
Emaar’s International Operations
Emaar’s international real estate operations reported property sales of AED 625 million (US$ 170 million) and revenue of AED 288 million (US$ 78 million) in Q1 2024. These operations account for 4% of Emaar’s total revenue, with significant contributions from Egypt and India.
Hospitality, Leisure, and Entertainment
Emaar’s hospitality, leisure, and entertainment divisions generated AED 983 million (US$ 268 million) in revenue in Q1 2024, a 10% increase over Q1 2023. The consistent growth of the tourism industry and strong domestic spending fueled this expansion. Emaar’s UAE hotels, including those under management, had an average occupancy rate of 82% in Q1 2024.
Emaar Properties’ outstanding performance in the first quarter of 2024 underscores the strength and resilience of Dubai’s real estate market. At Nautilus Properties, we are committed to aligning our strategies with market leaders like Emaar to offer our clients the best investment opportunities. we ensure sustained growth and customer satisfaction.
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