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15 April 2024

Emaar Development records 51% growth in sales to Dh5.902bn in Q1 2019

By Wam

Emaar Development achieved one of the highest quarterly sales during the first quarter (January to March) of 2019 underpinned by the exceptional sales of residences launched by the company.

The total sales for the period increased by 51 percent to AED 5.902 billion (US$1.607 billion) compared to Q1 2018 sales of AED3.908 billion (US$ 1.064 billion).

Emaar Development launched eight new projects during first quarter of 2019 with a total project value of AED4.362 billion (US$ 1.188 billion). There was significant and continued interest from investors and end users, regionally and globally, led by the UAE residents and investors from Saudi Arabia, China, United Kingdom and India, with investments by some of Emaar’s customers doubling in Q1 2019. There was significant growth in sales to investors from Pakistan and Egypt. Sales to non-UAE residents represent over 45 per cent of total sales recorded highlighting the significant interest of international investors in Dubai real estate and the strength of Emaar brand.

The primary driver of growth in sales is the robust growth of Dubai’s economy, with all key sectors including travel, tourism, aviation, hospitality, logistics and financial services, as well as technology, clean energy and healthcare also reporting positive performance. Dubai’s appeal as a business and tourism hub further accelerated real estate demand for Emaar’s developments.

Further, Dubai’s sound regulatory environment ensuring the protection of investors adds to international investor confidence in the city. Over the last 10 years, the DLD has strengthened the legal and regulatory framework to ensure best practices at all levels of the property development, marketing, valuation, sal, purchase and brokerage activities to ensure timely delivery of properties – adding to the upbeat market sentiment.

Mohamed Alabbar, Chairman of Emaar Development and Emaar Properties, said: "The positive performance of Emaar Development is led by our UAE development strategy that focuses on four pillars: leveraging the strength of our master developments; product innovation to offer unique products for millennials and the new generation of customers; reaching out to international customers; and well-planned execution and delivery. Dubai’s robust economic performance, strong fundamentals and promising future outlook and the forward-looking policies to energise the property market, including the provision of long-term visas, continue to drive investor interest, enabling us to add consistent value for our stakeholders."

Several of Emaar Development’s new launches of residential projects in Dubai recorded sell-out response. Among the key launches were Arabian Ranches III, a secure gated townhouse neighbourhood defined by several exceptional features including a central park, a 4-km long boulevard, a lazy river, a wide choice of outdoor sports facilities, community parks with play areas for children, as well as wellness and sports facilities for all.