The real estate sector in United Arab Emirates, one of the major economic sectors that effectively contributes to the economic growth, has recovered strongly from a pandemic slowdown amid business, social reforms and government stimulus. The value of real estate transactions in Dubai more than doubled in 2021 and supported by demand in the secondary real estate market, set a 12-year record in real estate sales transactions. Emaar Properties, one of the largest real estate developers in the UAE that is known for various large-scale projects such as developing Burj Khalifa, the tallest building in the world, announced a significant increase in property sales of 209 per cent reaching to AED 33.762 billion ($9.192 billion) compared to 2020 sales of AED 10.902 billion ($2.968 billion). The net income in 2021 increased has increased by 80% after the highest annual sales since its inception. Emaar reported a net profit of AED 3.8 billion ($ 1.035 billion) in 2021, compared to a net profit of AED 2.109 billion ($ 574 million) in 2020. Revenues from its shopping malls, retail and hospitality businesses, Emaar’s 2021 revenue stood at AED 28.270 billion ($7.697 billion), an increase of 57 per cent compared to 2020.
Emaar’s overseas business recorded real estate sales of AED 6.2 billion last year, with annual growth of more than 36%. Positive recovery of the real estate market and the great interest in international operations that establishes Emaar as a trusted master developer. Emaar has delivered more than 81,600 residential units in Dubai and internationally since 2002. Over 24,500 units are under development in the UAE and 10,700 units are under development worldwide.
With a strong sales backlog of AED 46,057 million ($ 12,539 million), recognized as Emaar Properties’ future earnings, the backlog will provide high earnings, profitability and shareholder returns for the foreseeable future. It reflects the strength of Emaar’s financial position to maintain.
As one of the most dynamic and growing markets in the world, Dubai’s property market is a testament to the strength and resilience of the UAE Government and Emaar is leading the way forward. Emaar’s portfolio of prime and sustainable assets is set to benefit from fundamental changes taking place in the real estate market.
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