Emaar Development recorded 66% increase in property sales for the first nine months of 2024
During the third quarter of 2024, Emaar introduced ‘Lavita’ at The Oasis, its first community of luxury mansions
Emaar Development says it maintained strong momentum during the third quarter of 2024. Property sales rose by 66% to US $13.1bn during the first nine months of 2024, compared to US $7.9bn for the same period in 2023. The success of 50 projects launches across all the masterplans during first nine months of 2024 underscored Emaar’s market leadership and positions the company for sustained future growth, said a statement from the firm.
During the third quarter of 2024, Emaar introduced ‘Lavita’ at The Oasis, its first community of luxury mansions. Set within a waterfront landscape, the collection of 43 six- and seven-bedroom homes is said to blend modern comfort and elegance. Each mansion reflects one of four architectural styles to the unique character of its residents, said Emaar Development. Part of The Oasis, a 100m sqft master-planned community, Lavita integrates wellness centres, boutique shops, and walking trails, with energy-efficient systems and eco-friendly materials.
In the first nine months of 2024 (January to September), Emaar Development reported revenue of $3.4bn and an EBITDA of $1.6bn, 69% and 35% higher than first nine months of 2023, respectively. With a continued uptrend in sales, Emaar’s sales backlog has reached $22.8bn, 47% higher than December 2023, to be recognised as revenue in the coming years, it said.
Mohamed Alabbar, Founder of Emaar, commented, “Our performance this quarter reflects the confidence and trust that our customers place in Emaar’s vision. By continuing to innovate and stay ahead of market trends, we create experiences that resonate with evolving lifestyles. Our strategy is centred on adding sustainable value for both our customers and shareholders, driving growth that aligns with Dubai’s ambitions.”
With the city’s population nearing 3.8m and continuing to rise, demand for housing, infrastructure, and services is expanding at an unprecedented pace. This growth is also driven by emerging sectors such as technology, renewable energy, healthcare, and education, attracting a diverse community of skilled professionals. Emaar Development’s strong sales in the first nine months of 2024 reflect the region’s ability to accommodate this population surge while sustaining high levels of investment and economic growth.
