The developer behind Burj Khalifa, the tallest building in the world, ranks third among the biggest companies on the Dubai Financial Market.
Emaar Properties, the biggest Dubai-based real estate developer, registered a 250 percent jump in property sales during the first five months of 2021 amidst the economy's recover from the pandemic-driven slowdown.
The company’s total property sales during the period reached USD 2.85 billion, while in the same period last year they did not exceed USD 816 million, Emaar said in a statement last Sunday.
'I am confident that the Dubai property market is once again a growth story for developers, in light of UAE's wise policies, with Emaar perfectly positioned to capitalise on this,' the company's founder and managing director, Mohamed Alabbar, said.
UAE's property market softened in the wake of a three-year oil price slump that began in 2014 subsequently leading to oversupply. Now the market demonstrates signs of a revival as end-users tend to upgrade to larger spaces amid a rise in remote working and learning due to the coronavirus pandemic.
In addition to that, economic support measures and government initiatives, including visas for expatriate retirees, remote workers and the expansion of the 10-year golden visa scheme, have also been helpful in improving the situation.
The value of Dubai’s property sales transactions in April hit a four-year high reaching USD 2.9 billion, the highest monthly value since March 2017.
The developer behind Burj Khalifa, the tallest building in the world, ranks third among the biggest companies on the Dubai Financial Market, with a market capitalization of USD 7.8 billion.
This year, Emaar has launched a number of new developments, among them are Golf Place Terraces at Dubai Hills Estate, Caya and Bliss in Arabian Ranches 3 and Palace Beach Residence at Emaar Beachfront. Moreover, the developer also delivered other residential units at Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai and Emaar South.
Last month, the company reported an 8 percent increase in first-quarter net profit to USD 178 million and a 12 percent revenue rise to nearly USD 1.6 billion.