Demand for Dubai property, ready and offplan, propels Emaar Development's best ever half-year tally. Image Credit: Virendra Saklani/Gulf News

Dubai: Emaar Development, which focusses on Dubai, had its highest property sales of Dh15.21 billion in the first six months of 2022, which is a 10 per cent increase on last year. The Emaar numbers confirm the pace-setting Dubai property sales have had for the better part of 18 months.

Emaar Development derived an EBITDA of Dh2.56 billion, a gain of 15 per cent, and revenues of Dh7.28 billion. Emaar now has a robust sales backlog of Dh32.75 billion, which will be recognised as future revenue for the business.

“Our unwavering determination to deliver premium projects to the market, cash flow generation, and a strong pipeline of future projects have underlined our highest ever quarterly sales during Q2-2022,” said an Emaar spokesperson.

“Our point of difference is our strategy of delivering integrated communities, providing amenities across retail, hospitality, and entertainment to further complement our premier residential assets. We are continuing to see investor demand for holistic master planned developments, which has enabled us to achieve our strongest first-half growth on record in 2022.”

On Thursday evening, it was announced that Emaar would pick up full ownership of Dubai Creek Harbour.

Delivery pipeline

Emaar Development delivered 3,100 residential units during first-half, including at Dubai Hills Estate, which is receiving significant investor interest, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches and Emaar South. Since 2002, Emaar has delivered more than 55,100 residential units, and with over 26,100 residences currently under development in the UAE.

Propelling gains for Emaar Properties
Meanwhile, the parent company Emaar Properties recorded first-half revenues of Dh13.57 billion, a growth of 10 per cent year-on-year. The H1-2022 EBITDA was up an impressive 66 per cent to Dh6.11 billion helped by the 'higher revenue with improving margins and continued cost optimization.'

The successful launch of properties by Emaar, both in the UAE and international markets, contributed to the final tally. During the second quarter of 2022, Emaar recorded an increase in EBITDA of 53 per cent to Dh2.93 billion compared to an EBITDA of Dh1.92 billion. The Q2-2022 revenue totalled Dh6.94 billion, an increase of 8 per cent.