Experts estimate that Emaar Properties could receive AED 485 billion ($132.15 billion) from the sale of its development portfolio by 2040. Now, Dubai’s largest developer continues to lead the emirate’s real estate market.
In the next 5 years, the company will sell properties worth about AED 155 billion, or 32% of the its total portfolio. Experts note that Emaar communities in Dubai are premium and are in demand among a wide range of buyers. The company holds approximately 25% of the market. It is expected that it will retain its leadership.
According to preliminary data, the company’s contracted sales will be AED 35.1 billion in 2023, AED 37.3 billion in 2024, and AED 39.4 billion in 2025.
Emaar, the developer of the world’s tallest skyscraper, the Burj Khalifa, has remained at the centre of Dubai’s real estate development for the past decades. The company’s real estate portfolio spans the retail, residential, commercial, office, and hospitality segments. The emirate’s continued recovery from the slowdown caused by the pandemic also bodes well for Emaar’s development outlook.
Dubai, the commercial and tourist hub of the Middle East, solidified its status as a major global economic powerhouse in H1 2023, which was driven by strong performance across all sectors, Sheikh Hamdan bin Mohammed Al Maktoum, Crown Prince of Dubai, said in July. In H1, the emirate received 8.55 million visitors. Thus, their total number exceeded the pre-pandemic level. Dubai has also emerged as one of the world’s top three megacities for wealthy shoppers and one of the fastest recovering cities from the Covid-19 pandemic.
According to official data, the real estate market in the emirate continues to grow. The total value of transactions increased by 80% to AED 157 billion in Q1. The total number of transactions grew 49% to 38,715 from January to March. Dubai’s average housing market prices rose 16.9% year-to-date through June, with prices for apartments up 17.2% and for villas up 15.1%.
It is noted that real estate development will remain the main focus of Emaar, especially in Dubai. In June, the company launched a $20 billion luxury waterfront property development project. The community on the emirate’s outskirts, The Oasis, will consist of 7,000 residential units, including mansions and villas.