Founder Mohamed Alabbar confident emirate’s real estate sector has returned to growth
Emaar Properties PJSC’s five-month sales surged by 250 percent year-on-year as Dubai’s real-estate market bounced back from the impact of the coronavirus pandemic.
The company put total property sales at AEDl0.5 billion ($2.9bn) compared with AED3bn ($816.9m) a year ago.
“I am confident that the Dubai property market is once again a growth story for developers, in light of the UAE’s wise policies, with Emaar perfectly positioned to capitalise on this,” founder Mohamed Alabbar said in a statement.
In 2021, Emaar has launched Golf Place Terraces in Dubai Hills Estate, Caya and Bliss in Arabian Ranches 3, and Palace Beach Residence in Emaar Beachfront. The developer delivered residential units across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai and Emaar South.
Business activity in Dubai, the Middle East’s main financial hub, has risen to the highest level since late 2019 because of a rebound in tourism and a fast distribution of coronavirus vaccines. The UAE has one of the highest inoculation rates globally, with over 13 million doses administered across the country to date.