Emaar's property sales could reach USD 5.8 billion in 2021

Emaar Development's net revenue is estimated to reach USD 3.8 billion and its profit – USD 735 million, according to EFG Hermes.

Property sales at Emaar Development, the company behind the world's tallest tower Burj Khalifa and Downtown Dubai district, could reach USD 5.85 billion amid the growing activity in UAE’s real estate market and a broader economic recovery, EFG Hermes said.

The development arm of Dubai's leading developer Emaar Properties is about to have the highest amount of sales in 10 years, the report highlighted.

In the next five years the company’s total sales are estimated to reach USD 25 billion and over the coming 23 years – USD 115 billion. In 2022 and 2023 property sales are estimated to bring USD 5.8 and USD 4.8, respectively.

At the moment Emaar is developing a number of new projects in Dubai Creek to improve its residential portfolio. Among the projects are Creek Edge, Creek Palace and The Cove.

According to the report, it is expected that Emaar Development will post a net revenue of USD 3.8 billion in 2021 and its profit will reach USD 735 million.

In the first half of this year Emaar Properties recorded sales worth USD 4.4 billion, which is 229 percent more than in the same period last year.

Residential property transactions in Dubai hit an eight-year high in the first half of 2021. Demand for property and economic activity in the emirate continue to improve.

CBRE Research said, total transactions in the six months to the end of June had increased by 69.2 percent, compared to the same period in 2020. And if compared to the same period in 2019, 2021's total transactions went up by 46.4 percent.

Average home prices during the period surged by 2.8 percent year-on-year, largely driven by villa prices.