Emaar Development reached Dh12.9b in sales in Q1-2024

Emaar Development reached Dh12.9b in sales in Q1-2024

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Dubai: Emaar Development, the UAE build-to-sell property development business majority-owned by Emaar Properties, achieved a 50 per cent increase in property sales in Q1 2024.

Sales reached Dh12.9 billion, or $3.5 billion, in the first quarter, compared to Dh8.6 billion, or $2.3 billion, in Q1-2023.

Emaar Development launched ten projects across various master plans during the first quarter of 2024.

During the first quarter of 2024, Emaar made a significant acquisition of a land plot measuring 60 million square feet near The Oasis masterplan, with a development value of Dh41 billion or $11 billion.

This complements the 81 million square feet of land purchased in December 2023 in the same vicinity. Emaar announced the launch of two major developments on these lands as well: The Heights Country Club & Wellness and Grand Polo Club & Resort, spanning a total of 141 million square feet of land, with a combined development value of Dh96 billion or $26 billion.

Performance Highlights

In the first quarter of 2024, Emaar Development reported an EBITDA of Dh1.7 billion, or $463 million, 48 per cent higher than in Q1-2023.

Emaar now has a sales backlog of Dh65.7 billion or $17.9 billion, recognised as revenue