Dubai-based global property giant, Emaar Properties, achieved a total of AED 33.7 billion (approximately USD 9.2 billion) in real estate sales from January to December 2021. That amounts to a staggering 209 percent increase as compared to the overall sales of the previous year, which totaled AED 10.9 billion (USD 2.9 billion).
Not only does this reflect the Emaar brand’s strong reputation and demand amongst customers, but it also makes history as the developer’s highest ever property sales recorded since its foundation just under 25 years ago.
A BOOMING REAL ESTATE MARKET
The growth in sales completed by Emaar over the course of the past year reflect an overall record year of outstanding performance for the UAE’s real estate market.
In comparison to the previous year, Dubai saw a 65 percent rise in the number of real estate transactions, and a 71 percent growth in value in 2021, according to a recent report from the Dubai Land Department.
The success of the industry has been in part due to the large rise in investment in the UAE, both domestic and foreign, which increased in value by 100 percent compared to 2020.
The government’s effective navigation through the COVID-19 pandemic and recent changes in legislation affecting foreign investment in the UAE have been successful in boosting the interest and confidence shown by global investors in key markets such as Dubai and Abu Dhabi over the past year.
“Dubai’s robust infrastructure, flexible legislations that have kept pace with evolving market conditions, and its safe environment have all contributed to deepening investment confidence in its real estate sector,” said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai.
The same can be said for Emaar, who reported a net profit of AED 3.8 billion last year, up 80 percent on the earnings of the previous year.
THE FUTURE LOOKS BRIGHT
In the past decade, Emaar has sold just under 82,000 residential units in Dubai and beyond, in various other international markets.
Some of the developer’s most notable projects include Downtown Dubai, an urban mixed-use development consisting of the iconic Burj Khalifa and Dubai Mall; the Dubai Marina, a three kilometer stretch of residential, commercial and leisure properties; and Arabian Ranches, a collection of residential communities set around an 18-hole golf course.
With further plans to expand its large portfolio of properties, Emaar does not show any signs of slowing down in the near future. At present, the company is managing the active development of over 24,500 unites in the UAE, as well as an additional 10,700 further afield.
Financially, with a sales backlog amounting to over AED 46 billion, Emaar is in a very strong position to boost profitability, revenue, and shareholder return heading into the new year.
“Emaar has a substantial development pipeline and landbank, which, when combined with its high-quality loyal customer base and expanding talented and dedicated team, leaves Emaar well-positioned to execute on its clearly defined strategy and to successfully deliver attractive, sustainable returns for all stakeholders,” said Mohamed Alabbar, Founder of Emaar Properties.