Emaar Development records property sales worth $8.36bn in 2022, a YoY increase of 12%

Emaar Development records property sales worth $8.36bn in 2022, a YoY increase of 12%

Emaar Development, the build-to-sell property development business that’s majority-owned by Emaar Properties, recorded an increase of 12 per cent in property sales to Dhs30.71bn ($8.36bn) compared to Dhs27.4bn in 2021.

The performance was attributed to Emaar’s successful property launches, creating a strong revenue pipeline for the future.

Emaar Development successfully launched 28 projects across various master plans last year.

These include Talia, Orania and Farm Gardens in The Valley, Elie Saab II, Bliss 2 and Raya in Arabian Ranches III, Rosewater, Lotus, Creek Palace, Orchid, Creek Crescent, Island Park and The Cove II in Dubai Creek Harbour, St Regis and The Residence Burj Khalifa in Downtown Dubai, Address The Bay and Beachgate by Address in Emaar Beachfront, Greenview 3 and Fairway Villas in Emaar South, Park Field, Lime Garden, Hills Park, Park Horizon and Address Hillcrest in Dubai Hills Estate, Marina Shores in Dubai Marina, Golf Heights in Emirates Hills and Seagate & Seascape in Rashid Yachts & Marina.

Emaar Development performance highlights

In 2022, Emaar Development reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of Dhs4.22bn and achieved 17 per cent growth in net profit to Dhs3.80bn compared to 2021.

Emaar now has a sales backlog of Dhs41.34bn, which, it said, will be recognised