Dubai: UAE property developer Emaar Development maintained strong momentum during the third quarter of 2024. Property sales rose by 66 per cent to Dh48 billion ($13.1 billion) during the first nine months of 2024, compared to Dh28.9 billion ($ 7.9 billion) for the same period in 2023.
The company has launched 50 projects across all the master plans during the first nine months of 2024.
From January to September, Emaar Development reported revenue of Dh12.5 billion ($3.4 billion) and EBITDA of Dh6 billion ($1.6 billion), up 69 per cent and 35 per cent from the same period in 2023.
With a continued uptrend in sales, Emaar's sales backlog has reached Dh83.7 billion ($ 22.8 billion), 47% higher than December 2023, to be recognised as revenue in the coming years.
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."
