Emaar Properties’ profit increased by 42% over the course of 9 months, thanks to the growth in real estate sales

Emaar Properties, the largest construction firm in Dubai, reports a 42% growth in profit due to an increase in real estate transactions. The cause is attributed to the robust growth of the real estate market in the UAE. According to an official statement, the net profit for the specified period rose to AED 8.2 billion (USD 2.2 billion).

The developer’s property sales for this period increased by 16% annually, reaching AED 31.1 billion (USD 8.46 billion), while the revenue decreased by approximately 3% annually to AED 18.4 billion (USD 5.01 billion).

As of September 30, the company’s real estate sales revenue reached AED 69.5 billion (USD 18.9 billion).

For reference, the real estate market in Dubai has significantly recovered following the slowdown caused by the pandemic, supported by government initiatives and broader economic growth in the UAE.

According to the latest data from the Dubai Land Department, Dubai recorded 116,116 transactions for new real estate in the first nine months of 2023, totalling around AED 429.6 billion (USD 116.9 billion).